Holiday Blues Dampen Trading Activities for Last Trading Session

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The Bond Market closed the year on a muted note, dampened by New Year celebrations. We saw interest in the 2049s paper, which was offered around 8.35% at the early hours but eventually printed around 8.50% levels.

We also saw a few trades on the 2027s maturity, which traded around 6.30% levels. By and large, yields closed flat D/D across the Benchmark bond curve.

We expect a cautious start to the New Year once trading resumes as investors weigh in on the different investment options available.

Treasury Bills

It was a sluggish trading day in the Treasury Bills market, as market players wrapped up activities to close out the year.

We anticipate significant activity for next week, triggered by buoyant system liquidity. Albeit most dealers would most likely restrict their investments within the short- and medium-term bills.

Money Markets

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Liquidity in the interbank market opened with over N1trillion causing money market rates to remain within the single-digit levels on the last day of the year. OBB and OVN rates increased slightly by c.21bps to close at 0.50% and 0.88% respectively.

We anticipate rates to start the New Year in the single-digit territory supported by a buoyant system liquidity.

Read Also:  Shell Petroluem increases Domestic Gas Circulation in Nigeria

FX Market

We witnessed a significant movement at the IEFX space in rates depreciating by N16.25k from yesterday’s closing. This movement was triggered by the Apex bank’s FX intervention sale, which settled at N410/$1. All other market segments remained unchanged, closing the year on a very passive note.

Eurobonds

The NIGERIA Sovereign and NIGERIA Corps tickers had a grim trading session, with most market participants’ closed shop for the year. Yields remained unchanged across the sovereign yield curve, and most tracked corporate papers to close. out the year.

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