System Liquidity: Liquidity fell 9.30% to c. ₦3.59trn. The Open Repo and Overnight rates were not updated when the report was done, so they are held at 20.00% and 20.65%. Liquidity should stay in surplus.

Treasury Bills: Yields fell 1bp across the curve to 17.57%, 17.70% and 18.21% for the 91-, 180- and 365-day bills. T-bill rate was flat at 17.85%. Interest should stay on the 1-year paper.

FGN Bonds: The market was mixed. Buying in the 7- and 10-year bonds pushed yields down. The average yield was flat. Yields should move in a narrow range.

Foreign Exchange: The naira lost 0.03% to ₦1,332.10/$ at NAFEM and 0.74% to ₦1,370.00/$ in the parallel market. The official window should stay stable, while the parallel market stays under some pressure.

Nigerian Equities: Profit-taking pulled the All-Share Index down 0.82% to 248,042.50 points. Market cap lost c. ₦1.33trn, and 32 stocks fell against 26 gainers. The year-to-date return is 59.40%. Expect the market to move sideways until Q3 results come in.

Eurobonds: The market was mixed. The average yield was flat at 7.81%. Higher oil prices kept investors careful.

Commodities: Gold rose 0.59% to $4,133.65/oz. Brent rose 3.7% to $103.91/bbl on Middle East supply risks, including attacks on shipping in the Gulf and the Strait of Hormuz, and a hurricane threatening U.S. offshore output.