FIXED INCOME MARKETS
Money Market
Opening system liquidity declined significantly today. Thus, the Open Repo Rate (OPR) increased by 499 bps to 33.69%, and the Overnight Rate (O/N) rose by 498 bps to 34.36%.
Outlook: We expect interbank rates to stay elevated tomorrow, following FGN bond auction settlement.
Treasury Bills
The treasury bills market closed on a bearish note today as the market traded cautiously ahead of tomorrow’s primary auction. Consequently, the average mid-rate across the benchmark NTB papers increased by 9 bps to 20.63%.
Outlook: We expect attention to be tilted towards the NTB auction tomorrow, where the DMO would offering T-bills worth ₦409.98 billion.
FGN Bonds
Today, the local FGN bonds market had a mixed to bearish trading session, with sideways movement observed on the New Apr 2029, May 2033, and 2053 papers. Despite this, the average mid-yield remained relatively unchanged at 19.34%.
Outlook: We expect sentiment to likely tilt bearish tomorrow.
Equities
The Nigerian stock market closed bullish today, as the All-Share Index rose by 0.12% to reach 95,895.92 points. The year-to-date return and market capitalization settled at 28.25% and ₦54.45 trillion, respectively. JAIZBANK led both the highest volume and values charts with 651.29 million units and ₦1.45 billion.
Outlook: We expect a similar session tomorrow.
Foreign Exchange
Naira depreciated against the USD by 0.77% to $/₦1,592.06.
Outlook: We expect volatility to persist.
Eurobonds
Today, the Eurobonds market experienced a bullish trend. Overall, the average mid-yield for Nigerian papers decreased by 5 bps to 9.98%.
Outlook: We expect the bullish trend to persist tomorrow.
Commodities
Crude oil prices dropped today, following previous session’s decline due to concerns about demand in Asia and ceasefire discussions in the Middle East. Brent prices decreased by 0.59% to $77.20, while WTI prices fell by 0.58% to $73.94. Meanwhile, gold prices rose by 0.07% to $2,543.20 per ounce.
Outlook: We expect the volatility to persist.
