FIXED INCOME MARKET
Money Market
Interbank system liquidity slipped into a deficit with an open balance of -ca ₦129.86billion, significantly lower than yesterday’s opening balance of ca ₦131.44 billion. Thus, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) held steady at double-digit levels, to settle at 16.25% and 16.50%, respectively.
Treasury Bills
The NTB secondary market endured a quiet theme with few interests recorded on 16 January, 9 and 16 March, 26 October and 9 November 2023 papers. Overall, the average rate stayed relatively flat, day-on-day, to settle at 8.48%.
Bonds
The FGN bonds market sustained its bullish theme, with buyside interest witnessed across 2029s, 2032s, 2037s, 2049s, and 2050s. Consequently, the average yield closed c.10bps lower, day-on-day, to settle at 14.51%.
Eurobonds
The Eurobond space traded bearish today with risk assets repriced lower across the African markets, as the yield curves have started to normalize after an extended period of bullishness. Overall, the average yield across the Nigerian sovereign curve settled at 11.60%.
Equities
The domestic bourse closed trading activities on a negative note, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost ca 0.08% day-on-day to close at 44,011.22pts, while market year-to-date return reduced to ca +3.03%. This performance leaned heavily to profit taking in Zenith Bank Plc (-2.29%), Guaranty Trust Holding Company Plc (-1.55%), and Nigerian Exchange Group (-1.29%), respectively.
The NGX Banking, Oil & Gas, Consumer Goods, and Industrial Indices lost 0.96%, 0.83%, 0.49% and 0.09%, day-on-day, respectively.
Transcorp Corporation of Nigeria Plc led the volume chart with ca 10.65 million units, while Guaranty Trust Holding Company Plc topped the value charts with ca ₦134.00 million worth of trades.
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦445.75/US$1.00 from ₦446.67/US$1.00, recorded the previous day.
Commodities
Global oil prices have stayed relatively depressed as worries about geopolitical tensions have eased, while a surge of Covid-19 cases in China has led to fuel demand concerns. Brent Crude Oil price dipped ca 1.30% day-on-day to settle at US$91.64pb, while WTI lost ca 2.22% day-on-day to settle at US$83.72pb as at report time. Spot Gold dipped ca 0.76% day-on-day to close at US$1,762.00 per ounce as of report time.