…Trading in the Treasury bills secondary market closed bearish as average yields rose by 3 basis points to 17.5 per cent.
WED MAY 13 2026-theGBJournal| The Nigerian stock market ended Wednesday’s trading session on a mildly positive note, as buying interest in heavyweight counters helped cushion sharp losses recorded in major banking stocks.
Shares of heavyweights such as BUACEMENT (+2.4%), MTNN (+1.8%) and UNILEVER (+6.5%) rose mildly while FIRSTHOLDCO (-9.9%), GTCO (-2.9%) and ZENITHBANK (-3.0%) shares tumbled in mix trade.
Despite the mixed market mood, the benchmark All-Share Index (ASI) edged up by 0.04 per cent to close at 252,508.19 points, reflecting sustained investor appetite for select industrial and consumer goods stocks.
The market’s month-to-date return settled at 4.2 per cent, while the year-to-date return remained robust at 62.3 per cent, underlining the broader resilience of Nigerian equities despite intermittent profit-taking in the financial sector.
Market activity, however, weakened compared to the previous session. Total traded volume declined by 6.7 per cent to 1.89 billion shares valued at N117.8 billion across 82,203 deals.
First HoldCo Plc emerged as the most actively traded stock both by volume and value, accounting for 575.19 million shares worth N44.42 billion, highlighting strong investor repositioning around the counter following intense sell pressure that dragged the stock down by 9.9 per cent.
Investor sentiment across sectors remained uneven. The Industrial Goods Index led sectoral gainers with a 0.9 per cent rise, buoyed by renewed demand for cement stocks, while the Insurance and Consumer Goods indices advanced by 0.7 per cent and 0.2 per cent respectively.
In contrast, the Banking Index shed 2.5 per cent as investors locked in profits in tier-one banking names.
The Oil and Gas Index closed unchanged.
Market breadth remained positive, indicating that advancing stocks outpaced decliners.
A total of 38 equities recorded gains against 29 losers, translating to a positive breadth ratio of 1.3x. Daar Communications Plc and Livestock Feeds Plc topped the gainers’ chart with maximum daily gains of 10 per cent each, while NCR Nigeria Plc and Zichita Industries Plc led the laggards after shedding 10 per cent apiece.
In the foreign exchange market, the naira strengthened marginally, with the official exchange rate appreciating by 0.3 per cent to close at N1,374/$, suggesting improved FX liquidity conditions and relative stability in the official market window.
Similarly, Nigeria’s external reserves edged higher to $48.45 billion, supported by increased offshore portfolio participation in the domestic market.
Meanwhile, liquidity conditions in the money market remained largely stable. The overnight lending rate eased by 5 basis points to 22.2 per cent amid the absence of significant funding pressures within the banking system.
The fixed income market, however, reflected cautious investor sentiment.
Trading in the Treasury bills secondary market closed bearish as average yields rose by 3 basis points to 17.5 per cent.
Across the curve, yields at the short end declined marginally due to demand for the 85-day bill, while yields at the mid and long tenors expanded on the back of selloffs in the 176-day and 204-day instruments.
Activity in the Open Market Operations (OMO) segment was also weak, with average yields climbing by 8 basis points to 21.1 per cent.
Similarly, the Treasury bond secondary market witnessed subdued activity. Average yields closed flat at 18.5 per cent overall, although mild profit-taking at the short end of the curve pushed yields on the March 2027 bond slightly higher.
Mid- and long-dated maturities remained broadly stable as investors adopted a wait-and-see approach ahead of potential policy and liquidity developments.
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