FIXED INCOME MARKET
Money Market

Interbank system liquidity opened ca ₦38.03billion short, lower than Friday’s opening balance of c.-₦3.65billion. Thus, with no significant inflows, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 14.00% and 14.50% respectively from 12.00% and 13.00% recorded on Friday.

Treasury Bills

The NTB secondary market observed mixed interest across the curve, although traded volumes were thin due to weak system liquidity. Most of the activity was skewed to Feb 2023 papers at c.10.00%. Overall, the average rate remained flat day-on-day to settle at 7.78%.

Bonds

The FGN bonds market had a quiet outing as attention shifted to the FGN bonds auction, where c.N225bn was offered across three maturities. Overall, the average yield was stable day-on-day, settling at 12.89%.

Eurobonds

The Eurobond market opened on a softer tone amid profit-taking by investors. However, interest still lingers across the Nigerian curve while net selling interest is sustained in Angola and Ghana papers. This week, the market is expected to trade on a light note, as attention turns to the U.K inflation data, U.S retail sales data, and the FED minutes for July’s meeting later in the week. Overall, the average yield across the Nigerian sovereign curve settled at 10.35%.

Equities

The domestic bourse recorded a bearish performance, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.07% day-on-day to settle at 49,629.43pts, while year-to-date return reduced to +16.18%. This was due to sell-side activity on stocks like Access Bank Holdings Plc (-2.84%), International Breweries Plc (-1.96%), and Guaranty Trust Holding Company Plc (-0.25%), respectively.

The NGX Industrial and Banking Indices gained ca 0.17% and 0.15% while the NGX Consumer Goods and Oil & Gas Indices lost ca 0.59% and 0.36% day-on-day, respectively.

E-Tranzact International Plc led the volume chart with ca 52.55 million units while Guaranty Trust Holding Company Plc topped the value charts with ca ₦315.92 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦430.00/US$1.00 from ₦429.63/US$1.00, recorded on Friday

Commodities

Global oil prices declined sharply amid demand worries as weak Chinese economic data renewed global recession concerns. Brent Crude Oil price dipped ca 4.07% day-on-day to settle at US$94.16pb, while WTI lost ca 4.23% day-on-day to settle at US$88.19pb as at report time. Spot Gold dipped ca 1.16% day-on-day to close at US$1,794.50 per ounce as of report time.

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