Dear Valued Investor,
Today, the bulls consolidate their hold on the equity market as the lead index advanced by 0.30% to close at 43,607.94 points. The market shrugged off the 1.43% loss in BUA Cement, buoyed by upturn in BUA Foods and Zenith Bank. Today’s performance expands the year-to-date gain of the market to 2.09%.
Money Market: Financial system liquidity declined marginally but retained its buoyant position to close at N260.97bn surplus. Consequently, funding rates (OBB & O/N) dipped further to close at 3.00% and 4.25%, respectively.
Today, the bond market traded sideways as benchmark yield closed flat at 11.89%. This is despite the significant increase in buy side activities, we saw local banks scout for attractive yields across the curve.
Another quiet day in the treasury bills market, with pockets of trades executed on the July 2022 papers. As a result, average benchmark yield remained unchanged at 4.50%. The OMO space was generally muted as market players shifted their attention to the auction. The auction was significantly oversubscribed by N114 billion.
FX Market: At the I&E window, naira lost 25k (0.06%) to print at $/N416.25, while daily turnover closed at $109.07m. Also, external reserves held firm at $40.5bn.