Daily Financial Markets Update

Commentary

System liquidity opened the week with a surplus of ₦3.84 trillion. The Overnight (O/N) rate declined by 5bps to open the week at 22.19%, while Open Buy-Back (OBB) rate was unchanged, holding steady at 22.00%.

Commentary

The T-bills market opened the week on a mixed note with a mildly bullish undertone. The 17-Dec-2026 bill led gains, declining by 29bps to 16.06%, while the 18-Jun-2026 bill rose by 23bps to 15.83%. The 20-May-2027 bill was largely unchanged. The average benchmark rate declined by 1bp, closing at 16.06%.

Commentary

The FGN bond market opened the week on a mildly bullish note, with marginal gains concentrated at the short end. The 20-Mar-2027 bond led gains, easing by 5bps to 17.91%, while the 18-Apr-2037 bond also dipped marginally by 2bps to 17.02%. The rest of the curve remained unchanged. The average benchmark yield declined by 1bp, closing at 16.23%.

Commentary

The SSA Eurobond market recorded no price movement today, as trading activity was absent due to the U.S. and U.K. holidays. All sovereign yields across Nigeria, Angola, and Egypt closed unchanged from Friday's levels.

Commentary

The local bourse opened the week on a positive note, as the NGX All-Share Index (ASI) added 0.57% to close at 251,125.0 points, pushing the year-to-date return to 61.38%. Sectoral performance opened the week on a mixed note, reflecting cautious trading activities across the market. The Banking sector recorded a marginal gain of 0.08%, supported by a 3.46% appreciation in FCMB. Similarly, the Insurance sector advanced by 0.54%, driven by a strong 9.68% rally in INTENEGINS. On the downside, the Oil and Gas sector declined by 1.77%, weighed down by a 4.97% loss in JAPAULGOLD, while the Consumer Goods sector shed 0.06%, pressured by a sharp 10.00% decline in MCNICHOLS. The Industrial Goods sector closed flat for the day. Market breadth stood at 1.10x with 34 gainers and 31 losers. Market capitalization improved slightly to ₦160.98 trillion from ₦160.08 trillion. Trading activity opened the week mixed, with turnover value increased to ₦40.913 billion from ₦29.08 billion while volume traded decreased to 629.42 million units from 711.86 million units.

Commentary

U.S. market was closed today due to Memorial Day public holiday. European markets opened the week bullish, STOXX (+1.09%), DAX (+2.16%), and CAC (+2.04%) on increasingly optimistic about a US-Iran agreement that could reopen the Strait of Hormuz. Asian markets opened the week bullish, Shanghai (+0.96%), Nikkei (+2.87%), and Hang Seng (+0.86) driven mainly by strong performances in chipmakers and AI-related technology stocks and easing Middle East tensions.