System Liquidity
System liquidity improved sharply to ₦3.2 trillion, rising by ₦134.3 billion on the back of the ₦805.9 billion NTB maturity and increased SDF placements despite a ₦709.6 billion NTB PMA outflow, with funding rates holding steady as the OPR and O/N closed flat at 22.50% and 22.75%, respectively.
Treasury Bills
The NTB market traded mixed and cautious following the previous PMA, with modest interest in the new 364-day bill and muted activity after the auction size was raised, resulting in a 6bps decline in average NTB yields to 15.60%.
FGN Bonds
The FGN bond market traded mixed with a mild sell-side bias, as mid-curve repricing pushed several yields higher and lifted the average benchmark yield by 4bps to 15.64%.
Eurobonds
African Eurobonds extended their bullish momentum as lower U.S. jobless claims, firmer oil prices, and expectations of a Fed rate cut drove yields lower across major oil producers, reducing Nigeria’s benchmark yield by 5bps to 7.17%.
Nigerian Equities
The Nigerian equities market closed positive as the ASI gained 10bps, supported by sustained sentiment from the previous session, with UACN (+10%) leading gainers and ELLAHLAKES/EUNISELL (-10%) topping laggards; ETRANZACT dominated activity with 1.58bn units and ₦6.37bn value, while sector indices broadly advanced—Banking (+91bps), Consumer Goods (+28bps), Oil & Gas (+8bps), and Industrial (+48bps)—despite 23 gainers and 28 decliners, and overall value traded fell 8.5% to $13.22m, driven by significant cross deals in GTCO, ZENITHBANK, ARADEL, and ETI.
Foreign Exchange
The Naira depreciated marginally to ₦1,447.83/$ amid sustained demand pressure, though external reserves increased to $44.97 billion
Commodities
Oil prices strengthened on expectations of Fed rate cuts and stalled Ukraine peace talks, while gold edged higher ahead of key U.S. inflation data.
