FIXED INCOME MARKET

Interbank system liquidity opened at c.₦308.27 billion today, compared to yesterday’s opening of c.₦319.67billion. Thus, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 12.25% and 12.63% from 9.63% and 9.88% recorded on the previous day.  

Treasury Bills

The NTB secondary market closed the week bullish with major interest recorded on 23 Nov 2023 at 13.40% levels, while offers dropped from 13.25% to 13.10% by close of trading. Overall, the average rate closed c.8bps lower, day-on-day, to settle at 8.31%.

Bonds

The FGN bonds market observed a muted session, albeit buyside interest were recorded on 2026s, 2037s, 2042s, 2049s, and 2050s. Thus, the average mid-yield closed relatively flat, day-on-day, to settle at 14.76%.

Eurobonds

The Eurobond space traded mixed sentiments today, with few demand recorded in Nigeria and Angola, while investors continue to assess Ghana’s credibility amid the decision to seek a haircut on foreign bonds after President Nana Akufo-Addo recently opined that the IMF bailout talks would not result in losses for holders of external debt. Overall, the average yield across the Nigerian sovereign curve settled at 11.32%.

Equities

The domestic bourse closed the last trading day of the week in the green, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 2.04% day-on-day to close at 47,554.34pts, while year-to-date returns extended to +11.33%. This was largely due to buy interests in bellwethers like Airtel Africa Plc (+7.41%) and MTN Nigeria Communications Plc (+5.00%), respectively.

The NGX Industrial and Banking indices gained ca 0.26% and 0.25% while the NGX Consumer Goods index lost ca 2.37% day-on-day, respectively. The NGX Oil & Gas index closed flat.

FCMB Group Plc led the volume chart with ca 16.84 million units, while MTN Nigeria Communications Plc topped the value charts with ca ₦3.30 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦446.33/US$1.00 from ₦445.00/US$1.00, recorded the previous day.

Commodities

Global oil prices have remained positive, but concerns about the impact on fuel demand from rising coronavirus cases in China have weighed on price gains, alongside the debate over a price restriction on Russian oil. Brent Crude Oil price gained ca 0.02% day-on-day to settle at US$85.36pb, while WTI rose ca 0.36% day-on-day to settle at US$78.22pb as at report time. Spot Gold rose ca 0.24% day-on-day to close at US$1,750.30 per ounce as of report time.

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