System Liquidity
Money market liquidity moderated, opening at ₦1.20tn, down ₦456.38bn d/d due to ₦1.14tn NTB settlement, partly offset by ₦514.25bn maturities. Funding costs eased, with OPR at 22.50% and OVN at 22.71%.
Treasury Bills
NTB secondary trading was largely calm, with most maturities unchanged. Mild bearish pressure appeared at the long end, where Dec-26 bills saw notable rate increases. Consequently, the average NTB yield edged up 7bps to close at 16.31%.
FGN Bonds
The FGN bond market remained quiet, with muted activity and no meaningful yield movements across short, mid, and long tenors. Key maturities closed flat, leaving the average benchmark yield unchanged at 16.73%.
Eurobonds
African Eurobonds traded bearish amid profit-taking despite firmer oil prices and mixed U.S. jobless claims data. Nigerian Eurobonds sold off across the curve, pushing the average benchmark yield up 14bps to 7.39%.
Nigerian Equities
Nigerian equities closed positive as the ASI rose 13bps, lifting YTD returns to 3.34%, despite negative market breadth. NEIMETH led gainers, while INTENEGINS topped losers. Banking stocks weakened, dragging the sector index, while consumer goods outperformed on gains in NB, DANGSUGAR, and INTBREW. Oil and gas stocks were mixed, and industrials edged higher. Trading activity declined, with value traded down 20.47%, concentrated in few large names.
Foreign Exchange
The naira depreciated marginally by 10bps at the NFEM window, closing at ₦1,419.72/$ amid elevated demand. Trading remained within a narrow band, while external reserves increased slightly by $18.68m d/d to $45.64bn.
Commodities
Oil prices rebounded by about 2% after recent declines, supported by supply concerns linked to Venezuela, Russia, Iraq, and Iran. Brent settled at $61.53/bbl, while WTI closed at $57.34/bbl. Gold prices were largely steady but slightly lower as investors awaited U.S. nonfarm payrolls data. Spot gold dipped marginally to $4,451.81/oz, reflecting cautious positioning amid a firm dollar and ongoing commodity. index adjustments.
