Bearish Mood Deepens as NGX Loses ₦48bn, Naira Weakens to ₦1,615 in Parallel Market

The Nigerian Exchange (NGX) closed Thursday’s session on a negative note, with the All-Share Index (ASI) declining by 0.07% to 111,742.01 points, wiping out ₦48 billion in market value. Market capitalisation settled at ₦70.46 trillion, down from ₦70.51 trillion the previous day, as 37 stocks declined against 27 gainers.

Top-performing stocks included OMATEK (+9.62%), REDSTAR (+9.62%), DEAPCAP (+9.38%), and MAYBAKER (+8.26%), while major losers were SEPLAT (-10.00%), NCR (-10.00%), LEGEND (-9.94%), and IMG (-9.91%). Sectoral performance remained weak, led by declines in Banking (-0.10%), Insurance (-0.41%), and Consumer Goods (-0.23%). The Oil & Gas index rose slightly (+0.23%) and Industrials advanced by 0.29%.

Despite the bearish close, trading activity surged. Deals rose 0.80% to 18,653; volume jumped 241.61% to 1.90 billion shares; and total value traded hit ₦64.15 billion, up 273.64%. UBA led transaction value, accounting for 77% of total trade by value, followed by MTNN, Zenith Bank, and GTCO.

Money and Bond Markets

The Nigerian Interbank Offered Rate (NIBOR) recorded marginal movement, with the overnight and 3-month tenors climbing 4bps and 7bps respectively. The 6-month tenor was flat, while the 1-month edged up by 1bp. The Open Repo Rate (OPR) and Overnight Rate (OVN) stayed unchanged at 26.50% and 26.95%.

In the bond market, FGN bond yields dipped marginally, with average sovereign yields falling 4bps to 18.84%. The Eurobond market witnessed sustained sell pressure, especially across NOV-47, JAN-49, and SEP-51 papers, pushing yields up by 3bps to close at 9.56%.

FX Market

The naira held steady at ₦1,586.15 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM). However, it traded weaker in the parallel market at ₦1,615 per dollar, reflecting ongoing pressure in unofficial FX segments.

 

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