FIXED INCOME MARKET
Money Market
The Overnight Policy Rate (OPR) and Overnight (ON) rates trended slightly higher to settle at 16.34% and 16.51% from 16.33% and 16.50%, recorded the previous day, amid tight system liquidity.
Treasury Bills
Trading in the NTB secondary market was mixed, with improved offers mostly seen 6 March 2023 CBN Special bills at 13.40% while bids were recorded on 27 April 2023 and 28 September 2023 at 13.00% and 13.50%, respectively. Overall, the average rate closed ca 5bps lower, day-on-day, to settle at 9.46%.
Bonds
The FGN bonds market observed choppy activity with mixed interest recorded across the 2032s, 2037s, and 2050s. Overall, the average yield closed ca 4bps higher, day-on-day, to settle at 14.44%.
Eurobonds
The Eurobond market opened with a sea of green across Nigeria and Angola curves amid positive equity opening, but market slipped to a bearish theme as the day progressed, with selling interest recorded across the African curves. Overall, the average yield across the Nigerian sovereign curve settled at 14.68%.
In other news, the IMF is expected to produce a thorough update of Ghana’s debt situation soon.
Equities
The domestic bourse sustained positive sentiments, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.73% day-on-day to settle at 44,788.14pts, while year-to-date return extended to +4.85%. Buy interests were observed on stocks like BUA Cement Plc (+10.00%), Sunu Assurance Plc (+9.37%), and Union Bank of Nigeria Plc (+8.47%), respectively.
The NGX Industrial and Banking Indices gained ca 4.01% and 0.49% while the NGX Oil & Gas and Consumer Goods Indices lost ca 0.18% and 0.09%, day-on-day, respectively.
Mutual Benefits Assurance Plc led the volume chart with ca 47.43 million units, while Airtel Africa Plc topped the value charts with ca ₦1.01 billion worth of trades.
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦441.67/US$1.00 from ₦441.38/US$1.00, recorded the previous day.
Commodities
Global oil prices improved today, driven by a dip in the U.S. dollar index alongside concerns about crude supply. Brent Crude Oil price gained ca 0.56% day-on-day to settle at US$93.78pb, while WTI rose ca 1.21% day-on-day to settle at US$85.60pb as at report time. Spot Gold gained ca 0.33% day-on-day to close at US$1,659.60 per ounce as of report time.
