Nigerian financial markets bullish in all sectors

The Nigerian equities market closed on a bullish note, with the benchmark All-Share Index (ASI) advancing by 0.98%, bringing its year-to-date (YTD) return to 59.26%.
Despite the strong market performance, trading activity weakened during the session. Total trading volume declined by 37.61% to 780.09 million shares, while the value of transactions fell by 52.36% to ₦56.32 billion.

Market breadth remained positive, with 30 gainers, 23 losers, and five stocks closing unchanged. Index performance was led by the Banking Index, which gained 3.92%, supported by renewed buying interest in banking stocks, particularly FIRSTHOLDCO.

In terms of market activity, FIRSTHOLDCO emerged as the most actively traded stock by both volume and value, with 106.40 million shares exchanged in deals worth ₦12.49 billion.

On the gainers’ table, ZICHI and GUINNESS recorded the strongest price appreciation, while MECURE and FTNCOCOA topped the losers’ chart.
On the corporate front, several listed companies announced the dates for their forthcoming Annual General Meetings (AGMs).

Banking system liquidity improved today, closing at ₦3.86 trillion net due to influx from primary market repayment. With that, Overnight rate remained at  22.21%, while NOFR and Open Repo rate remained unchanged at 22.00%.

The FGN bond market sustained its bullish performance. Although, trading activities remained mixed, the session’s performance was supported by bullish run at the mid-segment of the curve.

Consequently, average yield decreased by 9bps to close at 17.39% from 17.48%.

Meanwhile, the Nigerian Treasury Bills market continued to witness a mild but bullish performance. With that, buying interest governed trading activities across the curve.

This pushed overall average yield marginally lower to close at 18.30% from 18.34%. Furthermore, the Nigeria Eurobond market continued its subdued performance.

Trading activities reflected sell pressure across the curve. Overall, average yield increased marginally closing at  6.95% from 6.92%.  
Similarly, sell pressure persisted in US Treasury yield. The 10-year yield rose by 4bps, revealing a four days consecutive increase in yield since Monday this week, as Houthi blockade holds ships along the Red Sea, raising oil prices.

The naira appreciated against the U.S. dollar as of 22nd July 2026, with the USD/NGN exchange rate declining by 0.79% to close at ₦1,369.13/$, reflecting a strengthening 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 surged by 7.69% to $100.37 per barrel, driven by heightened geopolitical tensions in the Middle East.

The rally followed attacks on Saudi oil tankers in the Red Sea by Yemen’s Houthi forces, raising fears of disruptions to global crude oil supplies through key shipping routes, including the Bab el-Mandeb Strait and the Strait of Hormuz.