System Liquidity: Liquidity rose 3.35% to c. ₦3.71trn. The Overnight rate edged up to 20.85%, and the Open Repo rate was flat at 20.40%. Liquidity should stay in surplus.
Treasury Bills: The market was mixed. The 91-day yield fell 31bps to 17.25%, the 180-day was flat at 17.70%, and the 365-day rose 43bps to 18.64%. The average T-bill rate was almost flat at 17.89%. Interest should stay on the 1-year paper.
FGN Bonds: The market was flat, with no change in yields across the curve. The average yield was flat at 16.06%. Yields should stay close to current levels.
Foreign Exchange: The naira gained 0.07% to ₦1,331.19/$ at NAFEM. In the parallel market, the dollar was flat at ₦1,370.00. The official window should stay stable, while the parallel market stays under some pressure.
Nigerian Equities: The All-Share Index rose 0.13% to 248,363.55 points, ending a seven-session losing streak. Market cap gained c. ₦208.46bn, but 31 stocks fell against 22 gainers. The year-to-date return is 59.60%. Expect the market to move sideways until Q3 results come in.
Eurobonds: The market was bullish. Yields fell across the curve, and the average yield fell 7bps to c. 7.74%. Oil worries eased, which helped.
Commodities: Gold rose 1.51% to US$4,219.67/oz. Oil rose 0.13% to US$104.42/bbl, as Middle East supply worries eased after President Trump said the US would not attack Iran before the midterm elections.
