Nigerian equities market closed on a bullish note, marginal fall in average yield

The Nigerian equities market closed on a bullish note, with the benchmark All-Share Index (ASI) advancing by 0.30%, bringing its year-to-date (YTD) return to 59.36%.

Trading activity strengthened during the session, as total volume traded rose by 10.88% to 675.20 million shares, while the value of transactions increased by 11.78% to ₦36.47 billion.

Market breadth remained positive, with 30 gainers, 19 losers, and six stocks closing unchanged, reflecting sustained buying interest across selected counters.

Sectoral performance was mixed, with the Insurance Index emerging as the best-performing sector after gaining 2.33%, while other sectors recorded varied performances.

In terms of trading activity, ACCESSCORP emerged as the most actively traded stock by volume, with 87.54 million shares exchanged, while HBMNG led the market by value, recording ₦6.83 billion worth of transactions.

On the gainers’ chart, LASACO and LINKASSURE recorded the strongest price appreciation, while MEYER and MECURE posted the steepest losses during the session.

The surge in banking system liquidity persisted, closing at its highest since June 30, 2026, at ₦6.52 trillion net. This eased the rising pressure in Overnight rate, as it declined by 6bps, closing at 22.19% from 22.25%, while NOFR and Open Repo rate remained unchanged at 22.00%.

Positive momentum was sustained in the FGN bond market. However, sentiment remained mixed, specifically at the mid to long end of the curve. Notably, buying interest at the short end of the curve supported overall performance with a 21bps decrease in yield. Overall, average yield decreased by 9bps to close at 17.16% from 17.25%.

In the Nigerian Treasury Bills market, buying interest was seen across most bills. However, the momentum was slightly weighed on by profit taking after gains on price in recent trading sessions. This led to a marginal fall in average yield to close at 18.16% from 18.17%.  

Furthermore, the Nigeria Eurobond market closed bearish after slight gains in the previous trading session. Trading activities reflected sell pressure across the curve, with average yield declining slightly, closing at 6.96% from 6.93%.

Today, the naira depreciated against the U.S. dollar, with the USD/NGN exchange rate rising by 0.07% to close at ₦1,363.00/US$, reflecting a slight weakening of the local currency.

Meanwhile, Nigeria’s external reserves maintained their upward trajectory, increasing by 0.05% to $51.91 billion as of 16 July 2026, underscoring the country’s improving external liquidity position.

In the commodities market, Brent crude oil declined by 5.01% to $81.97 per barrel, as easing geopolitical tensions in the Middle East reduced concerns over potential disruptions to global oil supply.

The decline followed reports that the United States paused its military strikes on Iran to allow for diplomatic negotiations, raising expectations that shipping through the Strait of Hormuz could gradually normalize.