FIXED INCOME MARKETS

Money Market

The Open Repo Rate (OPR) decreased by 67 bps to 30.58%, and the Overnight Rate (O/N) fell by 65 bps to 31.05%.

Outlook: We expect interbank rates to hover at similar levels tomorrow.

Treasury Bills

The treasury bills market closed bearish today, with the average mid-rate rising by 91bps to 18.89%. 

Outlook: We expect the bearish sentiment to persist tomorrow.

FGN Bonds

The local FGN bonds market had a quiet session today. As a result, market closed flat and the average mid-yield remained unchanged at 17.99%. 

Outlook: We expect a mixed trading session tomorrow.

Equities

Today, the Nigerian stock market closed bearish, with the All-Share Index falling by 0.24% to reach 96,205.84 points. The year-to-date return and market capitalization were at 28.66% and ₦55.28 trillion, respectively. JAIZBANK had the highest trading volume with 247.04 million, while ZENITHBANK topped the values chart with ₦6.42 trillion.

Outlook: We expect the bearish bias to persist.

Foreign Exchange

Naira appreciated against the USD by 0.81% to $/₦1,580.46.

Outlook: We expect volatility to persist.

Eurobonds

The African Eurobonds market was bearish today, ahead of US CPI data later this week. Thus, the average mid-yield across the Nigerian curve rose by 3 bps to 9.89%.

Outlook: We expect market to trade cautiously tomorrow.

Commodities

Crude oil prices rebounded today after posting one of the worst weekly performances. Brent prices increased by 0.62% to $71.50, while WTI prices rose by 0.69% to $69.14. However, gold prices lost 0.04%, reaching $2,523.70 per ounce.

 Outlook: We expect the volatility to persist.