FIXED INCOME MARKET
Money Market

Interbank system liquidity slightly improved today, to open with a credit balance of ca ₦317.08 billion higher than yesterday’s balance of ca ₦306.46. However, the Overnight Policy Rate (OPR) and Overnight Rate (O/N) inched up to settle at 12.00% and 12.83% from 8.50% and 8.83%, recorded the previous day due to the FX retail auction and CRR debits.

Treasury Bills

The NTB secondary market closed the week on a muted note, with offers on 09 November 2023 paper shown between 12.80% and 12.95%, while bids inched up to 13.15% levels. Overall, the average rate stayed relatively flat, day-on-day, to settle at 8.61% due to weak traded volume.

Bonds

The FGN bonds market endured a quiet theme, albeit there were sellers of 2032s at c.14.95% but bids were scarce, while significant demand was evident across 2042s and 2049s, respectively. Consequently, the average yield closed c.5bps lower, day-on-day, to settle at 14.62%.

Eurobonds

The Sub-Saharan African markets sustained the rally prompted by yesterday’s lower than expected US Consumer Price Index numbers, with the Fed chatters also showing signs of less aggression. Nigeria and Angola witnessed average price appreciation of c.3pts across the curve, while Ghana was pretty much flat with no significant buying activity. Overall, the average yield across the Nigerian sovereign curve settled at 10.98%.

Equities

The domestic bourse closed the last trading day of the week in the green, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.06% day-on-day to close at 43,968.75pts, while year-to-date returns extended to +2.93%. This was largely due to buy interests in stocks like Geregu Power Plc (6.90%), First Bank of Nigeria Holdings Plc (+1.99%), and Zenith Bank Plc (+0.25%), respectively.

The NGX Consumer Goods and Banking Indices lost 0.51% and 0.19%, day-on-day, respectively. The NGX Oil & Gas and Industrial Indices closed flat.

Access Holdings Plc topped both the volume and value charts with ca 81.34 million units traded at ca ₦654.72 million.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to settle at ₦445.75/US$1.00 from ₦446.10/US$1.00, recorded the previous day

Commodities

Global oil prices improved as China eased some of its covid restrictions. Brent Crude Oil price rose ca 2.35% day-on-day to settle at US$95.86pb, while WTI gained ca 2.75% day-on-day to settle at US$88.81pb as at report time. Spot Gold gained ca 0.71% day-on-day to close at US$1,766.30 per ounce as of report time.

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