Money Market
System liquidity stayed relatively buoyant due to the absence of significant debits. Consequently, the interbank market remained stable. The Overnight Policy Rate (OPR) decreased by 3 bps to 19.22%, whereas the Overnight Rate (O/N) saw a slight increase of 1 bp to 19.69%.
Outlook: We expect the interbank rates to remain stable, barring any major catalyst.
Treasury Bills
The treasury bills market experienced a calm trading session with minimal activity. Interest was primarily focused on the April, May, July, and October 2025 papers. Consequently, the average mid-rate for the benchmark NTB remained steady at 21.41%.
Outlook: We expect a relatively quiet session tomorrow.
FGN Bonds
The local bonds market sustained its bullish momentum with buying interests recorded across the Feb 2031, May 2033 and Feb 2034 papers. Thus, the average mid-yield decreased by 7 bps, settling at 18.82%.
Outlook: We expect a similar play tomorrow.
Eurobonds
The Eurobonds market experienced a positive trend today, driven by higher crude prices that boosted buying interest in the Oilers, particularly the Nigeria and Angola papers. This buying interest also extended to the Egypt papers. However, towards the end of the session, the market quieted down as participants exercised caution ahead of tomorrow’s election. Overall, the average mid-yield for Nigerian bonds decreased by 11 basis points, closing at 9.60%.
Outlook: Attention will now shift to the US elections tomorrow; thus, we anticipate cautious trading
Nigerian Equities
The Nigerian stock market ended on a bearish note, with the NGX-ASI dropping by 54 basis points to 96,907.73 points and the market capitalization decreasing to ₦58.72 trillion. This downturn was mainly due to sell-offs in ARADEL, OANDO, and MTNN, which outweighed the buying interest in UBA. Sector performance was mixed: the Banking and Consumer Goods indices saw gains, while the Insurance and Oil & Gas indices declined, and the Industrial Goods index remained flat.
Outlook: We expect mixed sentiments to persist.
Foreign Exchange
The Naira’s value decreased by 0.61% against the USD at the NAFEM window, closing at $/₦ 1,676.90.
Outlook: We anticipate that the volatility will continue.
Commodities
Oil prices surged by over 2% following OPEC+’s decision to postpone their planned output increase by a month. This rise occurred as the market prepared for a pivotal week, featuring the U.S. presidential election and an important meeting in China. Consequently, Brent crude increased to $74.86, and WTI rose to $71.28. Similarly, gold prices climbed due to the uncertainty surrounding the U.S. election, with markets anticipating a possible contested result and heightened political tensions. Investors also closely monitored the upcoming Federal Reserve policy meeting, with gold currently trading at $2,742.10 per ounce.
Outlook: We expect this sentiment to persist.
