FIXED INCOME MARKET
Money Markets

Liquidity in the Interbank market lingered in the negative region, with today’s opening balance at ca -₦220.75 billion, lower than yesterday’s balance of – ₦207.34 billion. Overall, the Overnight Policy Rate (OPR) and Overnight (ON) rates held steady double digits to settle at 14.00%.

Treasury Bills

The NTB market sustained its bearish theme amid tight system liquidity, with notable selling interests across Aug to Oct 2022 bills at c.11.00% levels. Overall, the average rate rose by c.20bps, day-on-day, to 7.11%.

Bonds

The FGN bonds market also witnessed improved offers across the curve, with the 2026s, 2032s and 2042s offered at 10.70%, 12.52% and 13.15% respectively, as investors continue to trade sentiments around liquidity constraints and the bond issuance calendar. Overall, the average yield settled at 11.58%.

Eurobonds

The SSA Eurobond market traded on a mixed note amid lower oil prices, with buying interest recorded on front end Nigeria (NGERIA 25s), while offers were predominantly seen on long dated NGERIA, mid-dated GHANA and across the ANGOLA papers. Overall, the average yield across the Nigerian sovereign curve settled at 12.80%.

Equities

The domestic bourse recorded a flattish performance, as the Nigerian Stock Exchange All Share Index (NGX ASI) marginally gained 0.01% day-on-day to settle at 51,563.73pts, while year-to-date return extended to +20.71%. Buy interest was seen in bellwethers like Access Bank Holdings Plc (+2.11%), Guaranty Trust Holding Company Plc (+0.49%), and Zenith Bank Plc (0.46%), respectively.

The NGX Banking and Consumer Goods indices gained ca 0.50% and 0.12% day-on-day, respectively. The NGX Oil & Gas and Industrial Indices closed flat.

Jaiz Bank Plc led the volume chart with ca 42.10 million units while Airtel Africa Plc topped the value charts with ca ₦572.19 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦428.16/US$1.00 from ₦427.75/US$1.00, recorded the previous day.

Commodities

Global crude oil prices recovered today, despite weary sentiments and concerns about a potential global recession and oil demand. Brent Crude Oil price gained ca 5.47% day-on-day to settle at US$106.20pb, while WTI rose ca 5.80% day-on-day to settle at US$104.24pb as at report time. Spot Gold gained ca 0.21% day-on-day to close at US$1,740.20 per ounce as at report time.

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