NGX: Zenithbank led market by value, recording ₦2.14bn worth of transactions

The Nigerian equities market closed on a bearish note, pressured by significant sell-offs in heavyweight stocks such as ARADEL. Consequently, the benchmark All-Share Index (ASI) declined by 1.63%, bringing its year-to-date (YTD) return to 45.03%.

Market activity also weakened during the session. Total trading volume fell by 47.10% to 487.10 million shares, while the value of transactions dropped by 62.52% to ₦13.99 billion, reflecting more subdued investor participation compared with the previous trading session.

Market breadth remained negative, with 28 gainers against 33 decliners.

Sectoral performance was mixed. STERLINGNG emerged as the most actively traded stock by volume, with 124.62 million shares exchanged, while ZENITHBANK led the market by value, recording ₦2.14 billion worth of transactions.

On the gainers’ chart, AUSTINLAZ and GUINEAINS posted the strongest price appreciation, while NEIMETH and MCNICHOLS topped the losers’ table.

The banking system liquidity tightened, closing at ₦3.38 trillion net negative. With that, the Overnight rate edged higher by 5bps from 22.16% to 22.21%, while the NOFR and Open Repo rate remained unchanged at 22.00%.

After a slight pause in losses at the FGN bond market in the previous trading session, performance retracted today. Average yield increased slightly by 3bps from 17.79% to 17.82%.

However, trade across the curve remained mixed. Short-dated and mid tenor bonds were largely bullish while long-dated bonds were bearish pushing yield higher by 14bps.

Meanwhile, sentiment improved in the Nigerian Treasury Bills market. Average yield fell by 5bps to close at 18.65% from 18.70%. Notably, the 03-Sep-2026 bill saw the most decline in yield, falling by 30bps closing at 16.96%.

In the Nigeria Eurobond market, sell pressure swept across the curve as average yield surged by 5bps closing at 7.09% from 7.04%. Interestingly, global bond markets retreated from earlier highs today as Kevin Warsh the Federal Reserve Chairman, noted a decline in near-term inflation risks while reiterating his focus on bringing inflation back to 2%.

Today, the naira appreciated against the U.S. dollar, with the USD/NGN exchange rate falling by 0.5% to close at ₦1,372.40/$.

Meanwhile, Nigeria’s external reserves extended their upward trajectory, increasing by a further 0.09% to $51.29 billion as of 26 June 2026. In the commodities market, Brent crude declined by 3.7% to settle at $71.19 per barrel as geopolitical tensions eased following progress in U.S.–Iran negotiations.

This further reduced concerns over potential supply disruptions.