Nigerian Stocks Rebound Broadly, ASI Up 0.62% as Investors Bet on Sectoral Gains

The Nigerian equities market began the week on a strong note as the All-Share Index (ASI) climbed 0.62% to close at 106,698.50 points, driven by broad-based sectoral gains.

The market capitalization also rose 0.62%, adding ₦412.3 billion to investor wealth to reach ₦67.06 trillion.

Investor sentiment was bullish across major sectors—Insurance (+2.69%), Consumer Goods (+2.90%), Oil & Gas (+2.58%), Industrial Goods (+0.07%), and Commodities (+1.59%) all posted gains. The Banking index, however, lagged behind with a 1.62% decline, reflecting lingering pressures in the financial sector.

Market activity was robust, with 18,612 trades recorded on 569.04 million units valued at ₦18.93 billion. Top gainers included BETAGLAS (+9.97%), TIP (+9.90%), and CAVERTON (+9.77%), while ACCESSCORP (-3.88%), CUSTODIAN (-4.72%), and MAYBAKER (-7.26%) led the laggards.

Market breadth remained positive, with 35 gainers against 29 losers. High-volume stocks included GTCO, ARADEL, and FIRSTHOLDCO, each accounting for 29%, 18%, and 14% of total transaction value respectively.

Tight Liquidity Pushes NIBOR and Treasury Yields Higher

In the money market, liquidity pressures persisted as the Nigerian Interbank Offered Rate (NIBOR) rose across all tenors. The Open Repo Rate held steady at 26.50%, but the Overnight Lending Rate jumped to 26.96%. The Nigerian Interbank Treasury Bills True Yield (NITTY) curve also shifted upward, though the average yield on Treasury bills edged down 2 basis points to 21.03%.

Bond Market Sees Eurobond Rally on Strong Demand

In the FGN bond market, average yields dipped slightly by 1 basis point to 10.30% due to sustained demand for government securities. Eurobond yields also compressed, with the 2027 maturity seeing the biggest drop—2 basis points to 10.60%—as investor appetite remained high for Nigerian sovereign paper.

Naira Weakens Slightly Amid FX Pressures

In the foreign exchange market, the Naira depreciated by 0.19% in the official window, settling at ₦1,602.18/$1. In the parallel market, the local currency closed even weaker at ₦1,603/$1, reflecting ongoing FX supply concerns.

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