FIXED INCOME MARKETS

Money Market

The Open Repo Rate (OPR) increased by 542 bps to 28.39%, and the Overnight Rate (O/N) rose by 565 bps to 29.18%.

Outlook: We expect interbank rates to remain elevated tomorrow, in the absence of any major flows.

Treasury Bills

The treasury bills market closed bullish today, with most buying interest recorded on the long-dated papers. Consequently, average mid-rate declined by 13bps to 17.95%. 

Outlook: We expect the outcome of the treasury bills auction to impact activity tomorrow.

FGN Bonds

The local FGN bonds market had a bearish posture today, with average mid-yield increasing by 3bps to 17.98%. 

Outlook: We expect a similar trajectory tomorrow.

Equities

The Nigerian stock market closed on a negative note today, with the All-Share Index falling by 0.35% to reach 96,537.48 points. The year-to-date return and market capitalization were at 29.11% and ₦55.45 trillion, respectively. OANDO had both the highest trading volume and value with 37.18 million and ₦3.10 trillion, respectively.

Outlook: We expect the bearish bias to persist.

Foreign Exchange

Naira depreciated against the USD by 0.90% to $/₦1,625.88.

Outlook: We expect volatility to persist.

Eurobonds

The African Eurobonds market was mixed to bullish today, with few demands recorded across Nigeria, Angola, and Egypt papers, while Ghana curve traded bearish. Thus, the average mid-yield across the Nigerian curve fell by 13 bps to 9.72%.

Outlook: The US ADP Employment data and Initial Jobless claims is expected to dictate market sentiment tomorrow.

Commodities

Crude oil prices extended selloffs today. Brent prices decreased by 0.60% to $73.31, while WTI prices fell by 0.68% to $69.82. However, gold prices gained 0.21%, reaching $2,528.40 per ounce.

 Outlook: We expect the volatility to persist.