FIXED INCOME MARKETS
Money Market
Opening system liquidity decreased today, compared to last Friday’s balance. Nonetheless, the Open Repo Rate (OPR) declined by 55 bps to 25.58%, while the Overnight Rate (O/N) decreased by 63 bps to 26.03%.
Outlook: We expect interbank rates to hover at similar levels tomorrow.
Treasury Bills
The treasury bills market closed on a bearish note today, as selling interests were found across the curve. To quantify, the average mid-rate across the benchmark NTB papers increased by 9 bps to 23.18%.
Outlook: We expect a similar trading session tomorrow.
FGN Bonds
The local FGN bond market settled relatively bullish today, amidst slight buying interests in Feb 2034 and selling interests on 2053 paper. As a result, the average mid-yield declined marginally by 1bp to 19.55%.
Outlook: We expect market to maintain a mixed bias tomorrow.
Equities
The Nigerian stock market closed bearish. The All-Share Index decreased by 0.07% to reach 98,132.15 points. The year-to-date return and market capitalization settled at 31.24% and ₦55.72 trillion, respectively. UBA recorded the highest trading volume with 69.05 million units, while SEPLAT led the value chart with ₦2.71 billion.
Outlook: We expect the bearish theme to persist.
Foreign Exchange
Naira depreciated against the USD by 0.13% to $/₦1,611.40.
Outlook: We expect volatility to persist.
Eurobonds
Today, the Sub-Saharan Eurobonds market witnessed a mixed theme across the curve. However, market settled slightly bearish. Thus, the average mid-yield for the Nigerian papers increased marginally by 1 bp to 10.00%.
Outlook: The US Job Openings and Consumer Confidence should contribute to market sentiment tomorrow.
Commodities
Crude oil declined today as traders appeared unfazed by the risk of widening war between Israel and the Iran-backed militia Hezbollah. Brent prices fell by 1.61% to $79.82, while WTI prices decreased by 1.71% to $75.84. Furthermore, the price of gold fell by 0.21% to $2,376.10 per ounce.
Outlook: We expect the volatility to persist.
