FIXED INCOME MARKET
Money Market

Interbank system liquidity opened negative with a balance of -₦110.34 billion, compared to Friday’s balance of ₦196.99 billion. Thus, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) remained at double-digit levels to settle at 16.17% and 16.50%, respectively.

Treasury Bills

The NTB secondary market reflected a quiet theme, however, mixed interest was recorded on 6 March 2023 and 28 September 2023 papers at c.13.50% levels. Overall, the average rate inched up ca 5bps, day-on-day to settle at 9.16%.

Bonds

The FGN bonds market traded on a muted note, as participants were focused on the FGN bond auction and September’s inflation report. The latter which printed 25bps higher at 20.77% (Est. 21.00%), is expected to impact the result of today’s bond auction. Overall, the average yield closed relatively flat day-on-day to settle at 14.36%.

Eurobonds

The SSA Eurobond space endured a mixed theme today, with sideways interest recorded across the African markets. Overall, the average yield across the Nigerian sovereign curve settled at 13.63%.

Equities

The domestic bourse opened the week on a bearish note as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 2.53% day-on-day to settle at 46,365.95pts, while year-to-date return dipped to +8.54%. Market performance was largely influenced by profit-taking activities on Airtel Africa Plc (-10.00%).

The NGX Banking Index gained ca 0.87% while the NGX Consumer Goods Index lost ca 0.06%, day-on-day, respectively. The NGX Industrial and Oil & Gas Indices closed flat.

Guaranty Trust Holding Company Plc led the volume chart with ca 29.94 million units, while Airtel Africa Plc topped the value charts with ca ₦1.74 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦441.25/US$1.00 from ₦441.38/US$1.00, recorded on Friday.

Commodities

Global oil prices have been volatile, driven by China’s central bank decision to remain dovish and hold interest rates steady, along with investor concerns that inflation and rising energy costs might push the global economy into recession. Brent Crude Oil price gained ca 0.61% day-on-day to settle at US$92.19pb, while WTI rose ca 0.67% day-on-day to settle at US$86.018pb as at report time. Spot Gold gained ca 1.17% day-on-day to close at US$1,668.20 per ounce as of report time.

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