The Nigerian equities market closed on a negative note, with the benchmark index declining by 0.82%. Despite this pullback, the year-to-date return remains robust at an impressive 55.42%, reflecting sustained market strength.
Market breadth improved significantly, closing firmly positive with 44 gainers against 26 decliners, underscoring a broadly bullish underlying sentiment despite the day’s loss.
The Industrial sector led the market with a strong daily gain of 2.49%, emerging as the top-performing sector.
On the performance chart, VITAFOAM and RTBRISCOE topped the gainers’ table, while GUINNESS led the losers, followed by UNIONDICON.
On the sectoral front, the Banking sector dominated trading activity, accounting for the highest volume and value of trades. However, the sector declined by 1.23% for the day.
On the corporate front, several companies announced upcoming Annual General Meetings. ELLAH LAKES released its Q1 2026 financial results, providing fresh insights into its earnings performance.
Fixed Income Market
Today, money market liquidity decreased by 78.73% to ₦1.18 trillion from ₦5.56 trillion. In contrast, the Overnight Rate down 11bps to 22.12%. Meanwhile, the NOFR and Open Repo Rate remained unchanged.
Elsewhere, the FGN bond market faced mild pressure, with the average yield rising 1bp to 16.09% from 16.08%. While sentiment in short-term maturities improved with a 5bps dip in yields, the mid-segment and long end stayed largely muted.
Trading activity improved in the NTB market, with average yields declining marginally by 1 bp to 17.48% (from 17.49%).
Nigeria’s Eurobond market extended its bullish streak, with average yields falling 2.5bps to 6.77% from 6.79%. However, sell pressure was seen at the short end of the curve, notably, the 2027 and 2029 maturities.
Currency Market
Today, the naira appreciated against the dollar, as the USD/NGN pair declined by 0.6%.
Meanwhile, Nigeria’s external reserves extended their downward trend, declining to $48.36 billion as of April 30.
In the commodities market, Brent crude prices dropped by 3.8% to settle at $110.31 per barrel. The decline was driven by profit-taking following Monday’s sharp rally, alongside confirmation from U.S. officials that the ceasefire with Iran remains in effect.
