FIXED INCOME MARKET
Money Markets  

Interbank system liquidity stayed elevated, opening with a balance of ₦440.28 billion, up from yesterday’s opening balance of ca ₦309.73 billion amidst no noteworthy financing need. Thus, the Overnight Policy Rate (OPR) and Overnight (ON) rates reduced to 1.00% and 1.28% from 1.50% and 1.92% respectively, the previous day.

Treasury Bills

The NTB secondary market sustained a bullish theme, with notable demand seen across board, as most participants sought to invest excess cash to available securities amid CRR concerns. Overall, the average rate dipped ca 7bps day-on-day, closing at 4.20%.

Bonds

The FGN bonds secondary market was relatively calm, as the focus switched to the bonds auction. Nonetheless, there was persistent demand for the 2026s and 2036s at 11.18% and 12.70% respectively, while market players on the sell-side remained cautious with their offers as they awaited the bond auction results. Thus, the average yield stayed flat day-on-day, to settle at 11.41%.

Eurobonds

The Nigerian Eurobonds market saw continued buyside interest across the curve, with trades executed on select maturities across board, largely supported by coupon inflows on the NGERIA 32s. Overall, the average yield dipped by ca 3bps, day-on-day to 6.83%.

Equities

The domestic bourse closed the day in the green for the first time this week, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.09% day-on-day to settle at 47,109.25pts, while year-to-date return extended to +10.28%. This was largely due to buying interest in bellwether stocks such as Stanbic IBTC Plc (+2.21%), Airtel Africa Plc (+0.80%), and MTN Nigeria Communications Plc (+0.50%), respectively.

The NGX Industrial, Banking, Consumer Goods and Oil & Gas indices were down ca 0.34%, 0.20%, 0.09%, and 0.04% day-on-day, respectively.

Access Bank Plc led the volume chart with ca 47.88 million units while MTN Nigeria Communications Plc topped the value chart with ca ₦4.34 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦416.50/US$1.00 from ₦416.00/US$1.00, the previous day.

Commodities

Global crude oil prices recovered today, as investors evaluated outlandish claims about the possible evacuation of some Russian troops from Ukraine despite tight global supply and rising fuel demand. Thus, Brent Crude oil price rose ca 2.51% day-on-day to settle at US$95.62pb, while WTI also improved by ca 2.40% to US$94.47pb as at report time. Spot Gold rose ca 0.41% day-on-day to settle at US$1,864.00 per ounce as at report time.

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