System Liquidity

Money market liquidity remained tight, opening at ₦1.66 trillion, pressured by reduced SDF placements and ₦235 billion SLF borrowing. NTB auction activity also weighed on liquidity, pushing average funding costs higher, with OVN closing at 22.79%.

Treasury Bills

The NTB secondary market was largely calm as attention shifted to the ₦1.15 trillion primary auction. Stop rates rose across all tenors, while limited secondary buying kept average NTB yields flat at 16.24%.

FGN Bonds

The FGN bond market traded mixed but slightly bearish, as sell pressure dominated mid- to long-dated maturities while short-tenor activity stayed muted. Yield expansions on select benchmarks outweighed mild short-end demand, lifting the average benchmark yield marginally to 16.73%.

Eurobonds

African Eurobonds traded bearish amid profit-taking and softer crude oil prices. U.S. macro data reinforced caution, driving yield increases across maturities. Nigerian Eurobond yields moved higher, pushing the average benchmark yield up by 13bps to 7.25%.

Nigerian Equities

The Nigerian equities market closed higher, with the NGX ASI up 40bps, lifting YTD returns to 3.2%. Gains in UNIONDICON, OKOMUOIL, and SEPLAT offset losses in CADBURY. Sector performance was mixed: Oil & Gas led strongly, Consumer Goods and Industrials advanced modestly, while Banking stocks weighed on sentiment. Trading value improved, driven largely by sizeable market crosses.

Foreign Exchange

The naira extended gains, appreciating marginally to ₦1,418.26/$ at the NFEM window, supported by sustained FPI inflows. Trading was orderly within a narrow range, while external reserves increased slightly to $45.62 billion, reinforcing FX market stability.

Commodities

Oil prices declined for a second session as expectations of higher Venezuelan crude supply weighed on sentiment, with Brent at $60.15/bbl. Gold prices also fell on profit-taking, despite some support from weaker U.S. jobs data and rate-cut expectations.

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