FIXED INCOME MARKET
Interbank system liquidity opened the day with a credit balance of ca ₦42.81 billion compared to yesterday’s opening balance of ₦34.55 billion. Nonetheless, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 16.17% and 16.50%, from 15.33% and 15.83% recorded, the previous day.
The NTB secondary market was quiet, with mild demand recorded on 09 November 2023 at 13.15%, but offers were much lower. Overall, the average rate held steady, day-on-day, to settle at 8.56%.
The FGN bonds market traded bullish, as investors turned to the secondary market to fill the lost bids on 2029s, 2032s, and 2037s at yesterday’s auction. Consequently, the average yield closed c.3bps lower, day-on-day, to settle at 14.71%.
The Eurobond market witnessed mixed interests across the African curves amid positive equities opening. The Nigeria and Egypt papers gained c.1.2pts across the curve, while Angola and Ghana papers observed mild sell-off. Overall, the average yield across the Nigerian sovereign curve settled at 11.01%.
The domestic bourse recorded a flattish performance, as the Nigerian Stock Exchange All Share Index (NGX ASI) marginally lost 0.02% day-on-day to settle at 43,808.25 pts, while year-to-date return reduced to +2.56%. This was supported by sell actions on stocks like Lafarge Africa Plc (-9.66%) and Access Holdings Plc (-0.61%).
The NGX Consumer Goods, Oil & Gas, and Banking Indices gained 0.38%, 0.30%, and 0.24% while Industrial Index lost 0.65%, day-on-day, respectively.
First Bank of Nigeria Holdings Plc led the volume traded chart with ca 11.39 million units while BUA Foods Plc led the value traded chart with ca ₦221.59 million worth of trades.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to settle at ₦446.67/US$1.00 from ₦446.00/US$1.00, recorded the previous day.
Global oil prices extend losses as rising Covid-19 cases in China raise concerns about lower fuel consumption. Brent Crude Oil price dipped ca 0.76% day-on-day to settle at US$92.43pb, while WTI lost ca 0.83% day-on-day to settle at US$85.12pb as at report time. Spot Gold dipped ca 0.13% day-on-day to close at US$1,774.60 per ounce as of report time.