FIXED INCOME MARKET
Interbank system liquidity still lingered in negative territory, after opening with a deficit balance of ₦325.43 billion, lower than previous day’s balance of ca ₦272.60 billion short. However, the Overnight Policy Rate (OPR) trended lower to 13.83% from 14.00% recorded in the previous session, while the Overnight Rate (O/N) remained unchanged at 14.00%.
The NTB market traded on a quiet note, albeit few mixed interests were recorded on Aug 2022 and June 2023 at 4.30% and 6.00% levels, respectively. Overall, the average rate dipped marginally by 3bps, day-on-day, to 5.24%.
The FGN bonds secondary market also sustained a mixed bias, as there was selling interest recorded on 2025s and 2026s, while demand was observed on 2035s and 2042s. Overall, the average yield settled at 11.54%.
The Eurobond market remained weak, with further selling witnessed across the African markets, albeit towards midday, mild buying interest was observed on front end Nigeria and Ghana by retail investors. Overall, the average yield across the Nigerian sovereign curve settled at 12.63%.
The domestic bourse observed quiet sentiments across the board, albeit with a bullish undertone, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.03% day-on-day to settle at 51,817.59pts, while year-to-date return extended to +21.31%.
The NGX Oil & Gas and Banking indices gained ca 0.42% and 0.28%, while the NGX Consumer Goods and Industrial indices lost ca 0.21% and 0.15%, day-on-day, respectively.
First Bank of Nigeria Holdings Plc led the volume chart with ca 36.63 million units while MTN Nigeria Communications Plc topped the value charts with ca ₦1.37 billion worth of trades.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦425.05/US$1.00 from ₦424.88/US$1.00, recorded the previous day.
Global crude oil prices dipped today, as concerns over global supply appeared to outweigh the rise in U.S. fuel product inventories as OPEC+ agreed to stick to its calibrated output policy. Brent Crude Oil price dipped ca 1.59% day-on-day to settle at US$114.41pb, while WTI also lost ca 3.74% day-on-day to settle at US$105.73pb as at report time. Spot Gold dipped ca 0.48% day-on-day to close at US$1,808.80 per ounce as at report time.