FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity improved today, opening with a balance of ca ₦73.51 billion, higher than previous day’s opening deficit of ca ₦91.55 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to 15.50% and 15.75% from 17.25% and 17.75% respectively.

Treasury Bills                                                                  

The NTB secondary market traded bullish, with major buy-side activity skewed to the long end NTBs (particularly, 27-Oct-22) at 5.40% levels. Overall, average rate dipped by 8bps to 4.67%.

Bonds  

Activity in the FGN bonds secondary market was bearish today, with improved offers seen at the long-end of the curve, most especially the 2037 and 2050 maturities at 13.07% and 13.40% respectively. Thus, average yield inched up by 7bps day-on-day to 11.41%.

Eurobonds

The Eurobonds space was bullish today, with demand seen across the curve. Overall, average yield dropped by ca 7bps day-on-day to 7.59%.

Equities

The domestic bourse extended its losses, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 1.81% day-on-day to close at 42,463.16pts, while year-to-date performance declined to +5.44%. This was largely due to losses in stocks such as MTN Nigeria Communication Plc (-10.00%) and Access Bank Plc (-5.26%).

The NSE Banking, Consumer Goods and Oil and Gas indices lost ca 1.15%, 0.14% and 0.12% respectively, while the NSE Industrial index gained 0.04%, day-on-day.

First Bank of Nigeria Holdings Plc led both the volume and value charts with ca 134.00 million units traded at ca ₦1.57 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) remained stable at ₦415.07/US$1.00.

Commodities

Global crude oil prices rose today, despite concerns of the Omicron, the new variant of the Coronavirus, as investors await the result of the Organization of Petroleum Exporting Countries (OPEC+) and allies meeting scheduled to hold Tomorrow. Thus, Brent Crude oil price gained ca 3.68% day-on-day to settle at US$71.78pb, while WTI also gained ca 3.67% to US$68.61pb, as at report time. Spot Gold gained ca 0.75% day-on-day to settle at US$1,789.60 per ounce as at report time.

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