FIXED INCOME MARKET
Money Markets
Interbank system liquidity opened lower with a deficit balance of ca ₦201.95 billion compared to yesterday’s opening balance of ca -₦71.31 billion. Thus, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) trended higher to settle at 14.17% and 14.67% respectively, from 12.67% and 13.17% recorded yesterday.
Treasury Bills
The NTB secondary market traded on a mixed to bearish note, with sideways interest recorded across January 2023 and March 2023 papers while mild demand was observed on September 2023 NTB papers. Overall, the average rate closed ca 5bps higher, day-on-day to settle at 7.40%.
Bonds
The FGN bonds market endured a quiet theme with mixed interests recorded across 2024s, 2025s, 2028s, 2032s, 2035s, 2037s, and 2049s. Overall, the average rate stayed relatively flat amid wide bid/ask spreads, to close at 13.40%.
Eurobonds
The SSA and other African Eurobond markets traded mixed sentiments in reaction to yesterday’s US Fed’s rate decision. There was demand for front-end Nigeria, Ghana, and Angola papers, while selling interests were seen across the long-end Egypt papers. Overall, the average yield across the Nigerian sovereign curve settled at 12.19%.
Equities
The domestic bourse closed trading activities on a negative note, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.47% day-on-day, to close at 49,190.34pts, while market year-to-date return receded to 15.16%. This performance leaned heavily to profit taking activities in Cadbury Nigeria Plc (-9.62%), BUA Cement Plc (-6.18%), and Guaranty Trust Holding Company Plc (-0.78%), respectively.
The NGX Banking Index gained ca 0.42% while the NGX Industrial, Consumer Goods, and Oil & Gas Indices lost ca 2.30%, 0.36%, and 0.20%, day-on-day, respectively.
Nigerian Exchange Group led both the volume and value charts with ca 30.75 million units, traded at ca ₦553.54 million worth of trades.
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate stayed stable at ₦436.50/US$1.00.
Commodities
Concerns about limited crude supply as winter approaches helped to boost global oil prices, overriding fears about a recession. Brent Crude Oil price gained ca 0.65% day-on-day to settle at US$90.41pb, while WTI rose ca 0.60% day-on-day to settle at US$83.44pb as at report time. Spot Gold gained ca 0.29% day-on-day to close at US$1,680.50 per ounce as of report time.