System Liquidity
Banking system liquidity moderated to ₦2.07tn, reflecting a decline from the prior session despite higher SDF placements. Funding conditions tightened slightly, with the OPR steady at 22.50% and OVN closing higher at 22.71%.
Treasury Bills
The NTB market remained calm to bearish as sell pressure dominated short- to mid-tenors, driving notable rate widening. Long-dated bills were largely stable, lifting the average benchmark discount rate by 15bps to 16.64%.
FGN Bonds
The FGN bond market traded calm to positive, with light activity ahead of CPI data. Mild buying interest in select tenors supported prices, easing the average benchmark yield slightly by 1bp to 16.80%.
Eurobonds
African Eurobonds traded mixed to bearish amid oil price volatility and stronger U.S. PPI data. Nigerian Eurobonds saw mild sell pressure beyond the short end, pushing the average benchmark yield marginally higher to 7.21%.
Nigerian Equities
The NGX extended its bullish streak as the ASI advanced 56bps, supported by gains in ARADEL and broad-based buying interest. Market breadth remained positive despite mixed sector performance. Oil and gas stocks outperformed sharply, while banking and industrial indices recorded modest gains. Consumer goods stocks lagged amid profit-taking. Trading activity eased, dominated by negotiated crosses, but overall sentiment stayed positive with continued accumulation in select large-cap names.
Foreign Exchange
The naira weakened marginally by 3bps to ₦1,420.04/$ at the NFEM amid insufficient FX supply. External reserves increased by $40.26m to $45.78bn, providing continued buffer for near-term stability.
Commodities
Oil prices extended gains on fears of Iranian supply disruptions, while gold surged to fresh record highs on geopolitical risks and expectations of Fed rate cuts, sustaining strong safe-haven demand.
