System Liquidity
System liquidity closed with a ₦3.41 trillion surplus, up ₦54.83bn day-on-day, driven by higher SDF placements and bond coupon inflows. Funding costs eased, with OPR at 22.50% and OVN down 4bps to 22.71%.
Treasury Bills
The NTB market traded bullish as ample liquidity drove strong demand for mid- to long-dated bills. Significant rate compression occurred at the long end, pulling the average NTB rate down by 14bps to 16.08%.
FGN Bonds
The FGN bond market traded mixed-to-bearish as cautious sentiment drove yield upticks across most of the curve, particularly short and belly tenors. Average benchmark yields rose 12bps to 16.68%.
Eurobonds
African Eurobonds traded mixed but stable, supported by easing U.S. yields and steady oil prices. Nigerian sovereign yields showed mild compression in select tenors, leaving the average benchmark yield unchanged at 7.05%.
Nigerian Equities
The Nigerian equities market closed strongly higher, with the ASI up 1.74% and YTD gains at 2.32%, driven by broad-based buying. Market breadth was robust as 72 stocks advanced against seven decliners. Banking stocks led sectoral gains, alongside Consumer Goods, Oil & Gas, and Industrials. Despite the bullish close, value traded declined 25.74% to ₦18.57 billion, reflecting selective participation and cross deals.
Foreign Exchange
The naira appreciated by 11bps at the NFEM window, supported by CBN intervention and improved FX supply. External reserves rose to $45.57 billion, reinforcing near-term currency stability.
Commodities
Global oil prices rose over 1% as markets assessed potential supply disruptions following geopolitical developments in Venezuela. Brent crude climbed to $61.74/bbl, while WTI settled at $58.32/bbl. Gold also strengthened, reaching a one-week high as safe-haven demand increased amid heightened geopolitical risks. Spot gold rose 2.82% to $4,452.50/oz. Commodity markets are expected to remain mixed as uncertainty persists.
