*CP Market Commentary* 20/02/2024 FX Reserves: $38.78bn NFEM Window: ₦1494.03/$ Interbank Rates: 32.67% Liquidity open: ₦1.73 trillion short (leading to increased reliance by Deposit Money Banks (DMBs) on the Standing Lending Facility (SLF), with total borrowings rising to N1.835 trillion) The FGN Treasury bills market treated on an active note particularly skewed to the newly issued 364-day NTB which traded at 18.05%. The 10 Feb OMO bill was also seen bid at 19.70% and offered at 19.40%. Day-on-day, the average benchmark yield declined by 1.67% to close at 20.24%. The FGN Bonds Market traded on an active note with trades consummated on the 34s and 35s at 19.55% and 20.35%, respectively. In addition, the 2033 maturity was seen bid at 20% while offers stood at 19.80%. Today, the MPC Committee voted to keep all parameters constant while the DMO released the bond offer circular featuring N200bn on the 29s and N150bn on the 31s with the removal of the 35s. Day-on-day, the average benchmark yield declined by 10bps to close at 19.52%. The FGN Eurobonds Market witnessed a bullish session following the FOMC Minutes, which showed that the Feds will be slowing down quantitative tightening. This overshadowed concerns regarding the inflation risk from Trump tariffs. Initial jobless claims released today came in 4K above the 215K forecast. Day-on-day, the average benchmark yield declined by 4bps to 8.82%. The NGX All-Share Index (ASI) declined by 4bps to close at 108,568.50 with market capitalization closing at ₦67.67 trillion. Market breadth was positive at 1.33x, with 32 advancers and 24 decliners. Trading activity was mixed on the day, with the volume of shares traded increasing by 22.41% to 420.02 million units, while the total value of shares traded decreased by 2.37% to ₦8.41 billion. The most actively traded stocks by volume were ELLAHLAKES and ZENITHBANK with 22.98 million units, and GTCO with 20.83 million units, in terms of value, GTCO led with ₦1.31 billion. *CP Trading* *Comercio Partners*