FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity declined today due to the settlement of the NTB PMA conducted yesterday, opening with a balance of ₦153.92 billion, lower than the previous day’s opening balance of ca ₦348.89 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rate trended higher to settle at 4.50% and 4.83% from 4.00% and 4.75%, the previous day.

Treasury Bills                               

The NTB secondary market sustained its quiet stance, however some activity was seen by few players who tried to fill lost bids on the newly issued 1-year paper at ca 3.95%. Overall, average rate dipped by ca 4bps, day-on-day at 3.34%.

Bonds  

The FGN bonds secondary market was also quiet, though some investors cherry-picked the attractive offers on the 2034 and 2036 maturities, at near 12.00% levels. However, average yield stayed relatively flat at 10.47%, amid weak activity.

Eurobonds

The Nigerian Eurobonds secondary market traded on a mixed note, with some investors taking profit on existing holdings, while others snapped up the attractive offers. Consequently, the average yield inched up by ca 5bps day-on-day, to settle at 7.93%.

Equities

The Nigerian Equities market recorded positive performance today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.16% day-on-day to settle at 47,363.98pts, while year-to-date return appreciated to +10.88%. This was largely supported by buy-side activities in Bellwethers like MTN Nigeria Communications Plc (+0.98%) and Zenith Bank Plc (+0.75%).

The NGX Oil and Gas and Banking indices gained ca 1.21% and 0.37% respectively, the NGX Consumer Goods indices lost ca 0.56%, while the NGX Industrial Goods index closed flat, day-on-day.

Cutix Plc led the volume chart with ca 31.79 million units, while MTN Nigeria Communications Plc led the value chart with ca ₦1.83 billion worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦416.67/US$1.00 from ₦416.50/US$1.00, the previous day.

Commodities

Global crude oil prices rose today on escalating tensions between Russia and Ukraine following reports that the United States’ restriction on Russian oil imports may not result in significant global crude oil supply shortfalls. Thus, Brent Crude Oil price gained ca 5.88% day-on-day to settle at US$117.67pb, while WTI also gained ca 4.97% to US$114.10pb as at report time. Spot Gold gained ca 0.72% day-on-day to settle at US$2,003.10 per ounce as at report time.

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