Daily Financial Markets Update

Commentary

System liquidity opened with a surplus of ₦5.91 trillion driven by OMO maturity inflow. The Overnight (O/N) rate and Open Buy-Back (OBB) rate closed flat at 22.19% and 22.00%, respectively.

Commentary

The T-bills market traded on a subdued note, with muted activity observed across the curve. The 20-May-2027 bill was the only notable mover, inching up by 1bp to close at 16.04%, while yields on other maturities remained unchanged. Consequently, the average benchmark yield held steady at 16.06%.

Commentary

The FGN bond market closed on a bearish note, as sell-side pressure persisted across the mid-to-long end of the yield curve. The 21-Jun-2038 bond led the decline, with its yield rising by 38bps to 15.53%, while yields on the 29-Jan-2035 and 21-Feb-2034 papers advanced by 21bps and 15bps to settle at 17.05% and 17.00%, respectively. Consequently, the average benchmark yield increased by 3bps to close at 16.25%.

Commentary

The SSA Eurobond market maintained a bullish tone despite renewed geopolitical tensions following fresh U.S. strikes on Iran, with Iranian officials stating that the action violates the current ceasefire agreement. Nigeria declined by 6bps to 7.12%, Angola declined by 3bps to 8.07%, and Egypt declined by 14bps to 7.13%.

Commentary

The Local equities market closed the session in negative territory, as the NGX All-Share Index (ASI) declined by 0.55% to settle at 249,738.8 points. Consequently, the market's year-to-date (YtD) return moderated to 60.49%. Sectoral performance closed broadly negative, reflecting sustained sell-side pressure across key market segments. The Oil and Gas index dipped by 0.14%, pressured primarily by a 3.22% decline in OANDO. The Insurance sector also ended the session lower, shedding 1.41% following a 7.69% loss in CORNERST. Likewise, the Banking index recorded the steepest sectoral decline, falling 1.83% amid profit-taking in FIDELITYBANK, which lost 9.09%. The Consumer Goods sector declined by 0.77%, weighed down by a 10.00% drop in DANGSUGAR. Meanwhile, the Industrial Goods index closed flat, with no movement recorded during the trading session. Market breadth stood at 0.49x with 18 gainers and 37 losers. Market capitalization declined slightly to ₦160.448 trillion from ₦160.98 trillion. Trading activity closed the day bearish, with turnover value decreased to ₦23.618 billion from ₦40.913 billion while volume traded decreased to 493.173 million units from 629.42 million units.

Commentary

U.S. market is trading mixed. S&P (+0.51%), Nasdaq (+0.89%), and Russell (+1.26%) on strong gains in AI and semiconductor stocks, while Dow Jones (-0.22%) on weakness in non-tech stocks offset optimism from the AI-driven rally. European markets closed the day largely bearish, STOXX (-0.51%), DAX (-0.72%), and CAC (-1.03%) as renewed geopolitical tensions in the Gulf, following fresh US strikes on Iran, triggered investor caution and profit-taking sentiment, while FTSE (+0.24%) on strong gains in banking and mining stocks. Asian markets closed the day bearish, Shanghai (-0.17%), Nikkei (-0.25%), and Hang Seng (-0.03%) on renewed Middle East tensions and uncertainty over US–Iran peace talks weighed on investor sentiment despite gains in some technology shares.