FIXED INCOME MARKETS
Money Market
The Open Repo Rate (OPR) decreased by 477 bps to 22.73%, and the Overnight Rate (O/N) declined by 295 bps to 23.45% due to tight system liquidity.
Outlook: We expect interbank rates to increase tomorrow.
Treasury Bills
The treasury bill market was bullish today, with average mid-rate falling by 26bps 18.92%.
Outlook: We expect the bullish sentiment to ease
FGN Bonds
Today, the local FGN bonds market was slightly bullish today. Overall, the average mid-yield declined by 2bps to 18.74%.
Outlook: We expect tomorrow’s session to be mixed.
Equities
The Nigerian stock market closed bearish today, with the All-Share Index decreasing by 0.32% to reach 96,203.65 points. The year-to-date return and market capitalization settled at 28.66% and ₦55.26 trillion, respectively. UNIVINSURE led the volume charts with 52.60 million, while OANDO led the value charts with ₦620.60 million.
Outlook: We expect a similar occurrence tomorrow.
Foreign Exchange
Naira depreciated against the USD by 0.77% to $/₦1,606.56.
Outlook: We expect volatility to persist.
Eurobonds
The African Eurobonds market posted a bullish bias today. Overall, the average mid-yield decreased by 17bps to 9.66%.
Outlook: We expect the US Initial Jobless claims data and US GDP Growth rate to partly impact the market.
Commodities
The oil market continued to lose gains made earlier in the week due to the threat of supply disruptions in Libya. Brent prices dropped by 0.93% to $78.84, while WTI prices fell by 1.01% to $74.77. Gold prices also decreased by 0.51% to $2,540.00 per ounce.
Outlook: We expect the volatility to persist.
