FIXED INCOME MARKETS
Money Market
The Open Repo Rate (OPR) decreased by 287 bps to 19.86%, and the Overnight Rate (O/N) declined by 271 bps to 20.69%, due to improved liquidity.
Outlook: We expect interbank rates to hover at similar levels tomorrow.
Treasury Bills
The treasury bill market had a bullish trend today, with average mid-rate falling by 13bps 18.79%.
Outlook: We expect the bullish sentiment to linger tomorrow.
FGN Bonds
Today, the local FGN bonds market was also bullish with significant demand recorded on May 2033, Feb 2034 and 2053 papers. Overall, the average mid-yield declined by 20bps to 18.54%.
Outlook: We expect a similar trajectory tomorrow.
Equities
The Nigerian stock market closed bullish today, with the All-Share Index increasing by 0.21% to reach 96,407.88 points. The year-to-date return and market capitalization settled at 28.93% and ₦55.34 trillion, respectively. CONHALLPLC led the volume charts with 505.79 million, while FBNH led the value charts with ₦1.41 billion.
Outlook: We expect a similar occurrence tomorrow.
Foreign Exchange
Naira appreciated against the USD by 0.79% to $/₦1,593.93.
Outlook: We expect volatility to persist.
Eurobonds
The African Eurobonds market posted a bullish bias today, but on a subtle note.
The US revised GDP growth rate was reported at 3.00%, up from 2.80% in the first estimate. Meanwhile, market forecast was also 2.80%.
Overall, the average mid-yield decreased by 8bps to 9.58%.
Outlook: We expect the US PCE Price Index to partly impact market sentiment tomorrow.
Commodities
Crude oil prices rebounded today as the market gets a clearer picture of the extent of production disruptions in Libya. Brent prices increased by 1.20% to $79.59, while WTI prices gained 1.44% to $75.59. Gold prices increased by 0.69% to $2,555.40 per ounce.
Outlook: We expect the volatility to persist.
