Money Market

Banking Bellwethers Lead Gains

Bullish sentiments resurfaced in the domestic stock market today, driven by bargain hunting in ZENITHBANK (+8.8%) and GTCO (+5.7%) stocks. As a result, the All-Share Index notched a 0.3% gain to close at 104,283.64 points, with the MTD and YTD gains printing +4.3% and +39.5%, respectively.

The total trading volume advanced by 33.5% to 499.71 million units, valued at NGN12.41 billion, and exchanged in 10,260 deals. ACCESSCORP was the most traded stock by volume at 83.60 million, while GTCO was the most traded stock by value at NGN2.52 billion.

Sectoral performance was mixed, as the Banking (+3.0%), Insurance (+0.1%) and Industrial Goods (+0.1%) indices gained while the Oil & Gas index was unchanged. The Consumer Goods (-0.1%) index was the sole loser of the day.

As measured by market breadth, market sentiment was positive (1.3x), as 26 tickers gained relative to 20 losers. CWG (+10.0%) and FTNCOCOA (+9.9%) recorded the most significant gains of the day, while NNFM (-10.0%) and PRESTIGE (-9.7%) topped the losers’ list.

The naira appreciated by 6.4% to NGN1,300.43/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The overnight lending rate expanded by 54bps to 27.5%, in the absence of any significant funding pressure on the system.

Trading in the T-bills secondary market closed on a bullish note, as the average yield declined by 1bp to 17.7%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-1bp) segments following modest demand for the 93DTM (-1bp), 169DTM (-1bp) and 330DTM (-1bp) bills, respectively. Similarly, the average yield pared by 1bp to 18.5% in the OMO segment.

Activities in the Treasury bond secondary market was relatively calm, as the average yield closed flat at 19.1%. Across the benchmark curve, the average yield advanced slightly at the short (+1bp) end due to sell-offs on the JAN-2026 (+1bp) bond but remained flat at the mid and long segments.

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