WED APRIL 29 2026-theGBJournal| The Nigerian equities market closed on a strong positive note, with the benchmark index advancing by 3.77%, bringing the year-to-date return to an impressive 52.43%.
Market activity was mixed. Trading volume surged significantly by 39.27% to 1.33 billion shares, while total value traded declined slightly by 1.93% to N69.21 billion, indicating increased participation but relatively lower value transactions.
Market breadth improved marginally, closing positive with 52 gainers against 50 decliners, suggesting a relatively balanced yet mildly bullish market tone. On the performance chart, ZICHY and UACN led the gainers, while JOHNHOLT topped the losers’ list, followed by CADBURY.
On the sectoral front, the Banking sector dominated trading activity, accounting for the top stocks by both volume and value. In terms of performance, the sector was up by 1.91% today.
In similar manner, the Industrial sector led overall return, gaining 6.14% and extending its positive run to three consecutive sessions, followed by the Oil & Gas sector, which advanced by 4.42%.
At the Fixed Income Market, banking system liquidity improved sharply today, rising by 40.38% to N6.35 trillion from N4.52 trillion.
This excess liquidity pushed the Overnight Rate down by 4bps to 22.11%. Meanwhile, the NOFR and Open Repo Rate remained unchanged.
In the FGN bond market, investor sentiment turned positive as average yields dipped by 3bps to 16.05% from 16.08%. Trading activity picked up at the short and mid-segments of the curve, where yields declined by 4bps. The long end of the curve, however, remained muted.
The NTB market closed with average yields declining marginally by 1.8bps to settle at 17.47% from 17.49% reflecting bullish sentiment across most tenors. Notably, there was sell pressure in the 18 March 2027 maturity as the yield rose by 12bps.
Nigeria’s Eurobond market resumed a bullish streak as average yields fell by 1.8bps to 6.86% from 6.88%. Despite persistent global uncertainty around oil markets (UAE exit from OPEC), the bond market showed resilience. This was supported by expectations that the U.S. Federal Reserve will maintain its current rate stance.
Today, the naira strengthened against the US dollar at the NAFEM window, with the USD/NGN pair declining by 0.1%.
Meanwhile, Nigeria’s external reserves continued their downward trajectory, declining to $48.37 billion as of April 28.
In the commodities market, Brent crude price climbed by 5.3% to about $109.62 per barrel, driven by a sharp reduction in U.S. crude inventories, signaling tighter global supply. This volatility has pushed oil to its highest level since June 2022, reversing earlier calming effects from potential peace talks.
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