FIXED INCOME MARKETS
Money Markets

System liquidity improved to a credit balance of c.₦ 449.24 billion compared to yesterday’s opening balance of c.₦ 341.46 billion. Overall, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) remained unchanged at 9.50% and 9.83% respectively from the previous day.

Treasury Bills

The treasury bills market experienced a lull session, as attention shifted to the NTB auction where c.N56bn was offered across the usual tenors. Thus, the average mid-rate stayed relatively flat at 4.02%.

Bonds

The FGN bonds market witnessed a bearish theme, with higher offers observed across the curve but bids were still a lot farther, as most investors stayed standoffish. Consequently, the average mid-yield closed c.8bps higher at 13.32%.

Eurobonds

The Eurobond space rebounded, with demand recorded across most African sovereign papers and corporates. However, Ghana and Egypt papers were quite bearish, as the former’s inflation rose to 54.10% (Est. 51.80%) and the latter’s currency weakened by 10% to a new low of $30.8. Overall, the average yield across the Nigerian sovereign curve closed at 10.51%.

Equities

The Nigerian bourse reversed its bearish sentiments, as the Nigerian Stock Exchange All Share Index (NGX ASI) appreciated by c.0.55% day-on-day to close at 51,729.87 points while market year-to-date return expanded to c.0.93%. Buying interets on bellwether stocks like BUACEMENT (+3.59%) and ACCESSCORP (+1.67%) drove the positive return.

The NGX Banking, Consumer Goods and Industrial Indices all gained c.1.05%, 0.15% and 1.50% respectively while the NGX Oil &Gas Index closed flat at the end of the session. FBNH led the the volume with c.108.93 million units while BUACEMENT led the value charts c.₦ 4.07 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated slightly to ₦ 461.90/US$1.00 from ₦ 461.50/US$1.00 recorded at the close of the previous day.

Commodities

Oil price held steady today as market participants witnessed a stockpile in U.S. crude and fuel inventories, global economic uncertainty and China reopening its economy. Brent Crude Oil price gained c.1.46% day-on-day to settle at US$81.25pb, while WTI gained c.1.38% day-on-day to settle at US$76.16pb as at the time of this report. Spot Gold lost c.0.01% day-on-day to close at US$1,876.40 per ounce as of report time.

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