Daily Market Roundup, 4th October 2021

Dear Valued Investor,
Money Market: Funding rates (OBB and O/N) compressed by over 700bps to close at 8.50% and 8.75%, respectively. Additionally, system liquidity closed at N124.3bn surplus.

FX Market: In today’s session, the naira lost 17k (0.04%) at the official market to settle at N413.55/$1. External reserves stood at $36.6bn.

Fixed Income: Average bond yield edged lower by 3bps to open the week at 11.48%, driven by buy interest in the APR-29 and JUL-30 maturities (where yield shrunk  by 25bps and 19bps, respectively)

In the NT-bills market, activity level was quiet, although bearish, fueled by sell interest on the AUG-22 papers advancing by 39bps. Conversely, the average benchmark yield improved by 3bps. OMO bills yield traded sideways to close at 6.36% on average.
Equity Market: The bulls consolidated their hold of the equity market as the lead index inched higher by o.o5% to close at 40.243.05 pts. Today’s performance abates the year-to-date loss to -0.07%, this is the lowest level since 18th of February 2021.
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