System Liquidity

System liquidity remains in deficit despite the coupon inflow of about ₦74.34 billion. Funding rates were mixed, with OPR rosing 8bps to 32.50%, while the O/N shed 8bps to 32.75%.

Treasury Bills

The Treasury Bills secondary market maintained a subdued tone, with activity largely restricted to selective maturities. Average NTB yield closed at 16.40% as investors remained cautious.

FGN Bonds

The FGN bond market opened on a quiet note, with limited activity early in the session as investors stayed cautious ahead of the MPC decision. Average yields hover around 16.00%.

Eurobonds

African Eurobonds sustained positive ground as the U.S. President Trump called the FED chair a “numbskull” and begin to countdown on his remaining tenor in office. Nigerian Eurobond yields dropped 3bps to 8.30%.

Nigerian Equities

Equities sustain rally amidst investors sentiment across major sectors; ASI rose 47bps to 132,351.73 points. Save for the Oil & Gas sector, other four major sectors sustain the rally. Trade volume and value increase by 9.3% and 24.2%, respectively with major block trades in ACCESSCORP, UBA, and ELLAHLAKES.

Foreign Exchange

The Naira held steady, closing at ₦1,535.24/$ amid light FX demand and CBN support. Nigeria’s gross reserves rose to $38.25 billion (as of July 21), gaining $306.74 million d/d.

Commodities

Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war. Brent closed at $68.53. Gold surged 1.0% to $3,428.55/oz, buoyed by weaker U.S. bond yields.

Leave a Reply