Daily Market Roundup, Monday, 22nd November, 2021

Dear Valued Investor,
Money Market: System liquidity opened for the week with a positive balance of N65.45bn. However, outflows via Standing Lending Facility (SLF) and Repo windows submerged the financial system into a deficit of N258.71bn. In contrast, funding rates (OBB and O/N) declined by over 200bps to close at 16.33% and 17.00% respectively.

FX Market: At the I&E window, the naira lost 67k to close at $/N415.07. Today, daily turnover declined by 22.78% to settle at $69.63m. External reserves dropped further to close at $41.4bn.

Fixed Income: A quiet start to the week in the bond space with only a handful of trades seen at the short and long ends of the curve. Consequently, benchmark yield traded sideways to print at 11.73%.
In a similar vein, the treasury and OMO bills segments were characterized by weak demand from local players. As a result, benchmark yield stayed muted to close at 5.14% and 5.63%, respectively.
Equity Market: The equity market opened for the week on a positive note, snapping the 3-day bearish run. Investors interest in bellwether tickers: Nestle, GTCO and Zenith lifted the All-Share Index by 0.14% to close at 43,260.13 points. Honeyflour (9.73%) emerge the best performing ticker as investors reacted positively to the announcement of its acquisition by Flourmill. Today’s performance advanced the year-to-date gain of the market to 7.42%.
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