Daily Capital Market Roundup, 20th September 2021

Dear Valued Investor,
Money Market: Today, system liquidity closed with a surplus of N35.7bn despite significant increase in Repo activities. Consequently, funding rates (OBB and O/N) compressed by over 200bps to close at 14.50% and 15.25%, respectively.

FX Market: At the official market, the naira slumped by 80k (0.19%) to a new record low of N413.68 against the dollar, this is coming on the heels of sustained demand pressures. External reserves stood at N35.1bn.

Fixed Income: Sentiment in the bond market tilted towards the bulls, as the average yield headed southwards, down by 4bps to 11.61%. Today’s inflows from coupon payment and FAAC credits spurred the bullish performance.

The NT-Bills market traded on a quiet note despite the influx of new liquidity as market participants skewed attention towards the DMO’s FGN bond auction. Thus, average yield closed flat at 5.71%. Similarly, the OMO bills market posted a flattish close as average yield print lower at 6.43%.
Equity Market: At the equity market, the week opened on a bearish note as the All Share Index declined marginally by 0.1%, despite improved activity levels. Today’s performance expands the year-to-date performance to -3.39%.
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