FIXED INCOME MARKETS
Money Market
Opening system liquidity decreased by c.4.67% compared to yesterday’s balance. However, the Open Repo Rate (OPR) increased by 5 bps to 25.40%, while the Overnight Rate (O/N) decreased by 5bps to 25.85%.
Outlook: We expect interbank rates to hover at similar levels tomorrow.
Treasury Bills
The treasury bills market witnessed slight buying interests today. Overall, market settled bullish, as the average mid-rate across the benchmark NTB papers decreased by 5bps to 23.23%.
Outlook: We expect the outcome of the NTB auction result to impact tomorrow’s trading session.
FGN Bonds
The local FGN bond market also traded bullish, although with less intensity. Most of the activity was skewed to May 2033 and 2053 papers. Overall, the average mid-yield decreased by 1bp to 19.70%.
Outlook: We expect market to trade calmly tomorrow.
Equities
The Nigerian stock market closed bullish, as the All-Share Index increased by 0.18% to reach 97,098.98 points. The year-to-date return and market capitalization settled at 29.86% (from 29.63%) and ₦55.13 trillion, respectively. ACCESSCORP recorded the highest trading volume with 112.62 million units, while GTCO topped the highest value chart with ₦3.33 billion.
Outlook: We expect market to trade sideways tomorrow.
Foreign Exchange
Naira appreciated against the USD by 0.28% to $/₦1,596.52.
Outlook: We expect volatility to persist.
Eurobonds
The Eurobonds market extended its bullish bias today with buyside interests across the African papers. Consequently, the average mid-yield for the Nigerian papers fell by 22bp to 10.46%.
Outlook: We expect a similar trading session tomorrow.
Commodities
Crude oil price appreciated today, amidst the risk of a major escalation in the Middle East. Brent prices increased by 2.77% to $78.60, while WTI prices accelerated by 3.19% to $75.31. Gold prices increased by 0.18% to $2,435.80 per ounce.
Outlook: We expect the volatility to persist.
