Daily Market Roundup, Wednesday, 24th November 2021

Dear Valued Investor,
Money Market: Outflows via SLF and Repo windows submerged system liquidity into a deficit of N51.81bn despite a surplus open of N76.57bn. However, compared to previous day’s deficit of N69.74bn, today’s deficit is an improvement. Consequently, funding rates (OBB and O/N) eased significantly to close at 8.67% and 9.50%, respectively.

FX Market: At the I&E window, exchange rate depreciated by 27k to close at $/N415.07. Daily supply increased by 86.83% to settle at $279.37m. External reserves closed at $41.4bn.

Fixed Income: Today, trading at the FGN Bonds market was muted with a bearish undertone. We noticed marginal sell interests at the mid to long ends of the curve – 2030s, and 2050s. As a result, benchmark yield inched higher to close at 11.76%.
Activities in the treasury and OMO bills segments were largely muted as market players took their bids to the primary market auction. Consequently, benchmark yield stayed muted at 5.14% and 5.67%, respectively.
Equity Market: Today’s trading session opened with the bulls in charge, however, by mid-day it had lost momentum as the bears seized control till the close of trading session. Consequently, the All Share index edged lower by 0.02% to close at 43,245.02 points. Today’s performance reduced the year-to-date gain of the market to 7.39%.
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