System Liquidity
System liquidity swung into a sharp deficit of ₦973.9bn, driven mainly by sizable OMO sales and SLF borrowings, despite SDF placements and bond coupon inflows. As a result, funding conditions tightened, with average funding cost rising to 22.65%.
Treasury Bills
The NTB market traded on a calm-to-bearish note ahead of the PMA, with limited activity across most tenors. Mild rate adjustments at the long end pushed the average benchmark rate up slightly by 1bp to 16.71%.
FGN Bonds
The FGN bond market traded calm but mixed, with buying interest concentrated at the short end, while mid-tenor weakness and selective long-end gains offset gains. Overall, the average benchmark yield edged higher by 1bp to 16.75%.
Eurobonds
African Eurobonds traded broadly positive, supported by improved risk sentiment and geopolitical developments. Nigerian Eurobonds saw notable yield compression, particularly at the short end, pulling the average benchmark yield down by 12bps to 7.18%.
Nigerian Equities
Equities closed marginally higher as gains in select stocks outweighed losses, keeping market breadth positive. Sector performance was mixed, with weakness in Banking and Oil & Gas offset by gains in Consumer Goods and Industrials, while trading activity improved notably.
Foreign Exchange
The Naira weakened slightly at the NFEM as dollar demand outpaced supply, despite continued improvement in external reserves. Exchange rate movement remained contained, suggesting near-term stability barring supply-side shocks.
Commodities
Oil prices rose amid supply disruptions and geopolitical tensions, while gold surged to record highs on heightened safe-haven demand. Overall sentiment remained cautious, with strong gold prices contrasting with oil market uncertainty.
