TUE MAY 19 2026-theGBJournal| The Nigerian equities market reversed losses from the previous session, as the All-Share Index rose by 0.57%, to settle at 251,635.42 points.
Consequently, the year-to-date return inched up to 61.71% from 60.79% in the prior session. Market capitalisation also appreciated by N916.89bn (0.57%), to close at N161.28 trillion.
Positive sentiment was driven by buying interest in select banking names and heavyweight stocks such as BUACEMENT (+5.75%), FIRSTHOLDCO (+3.77%), ZENITHBANK (+1.50%), UBA (+2.74%), and TRANSCORP (+2.17%).
These gains offset profit-taking activity in select consumer goods and other stocks, including UNILEVER (-10.00%), NASCON (-5.41%), GTCO (-0.55%), NB (-2.33%), and DANGSUGAR (-1.69%).
Market activity was notably lower, with the volume and value declining by 12.06% and 13.22%, respectively. ACCESSCORP (-1.17%) led the volume chart with 88.41mn units, while ARADEL (0.00%) led the value table with N3.35bn worth of trades.
Market breadth was negative at 0.84x, indicating decliners outnumbered advancers.
FTNCOCOA (+10.00%) led the twenty-six market gainers, while UNILEVER (-10.00%) led the thirty-one topped the laggards.
We exited our Okomu Oil Palm Plc position in the Model Equity Portfolio to realize gains.
The NASD market posted gains today, though insufficient to reverse losses from the previous session. The NASD Security Index (NSI) and market capitalisation both rose by 0.58%, to settle at 4,157.75 points and N2.49 trn.
Market activity expanded significantly, with volume and value surging by 365,661.76% and 30,433.94%, respectively.
SDCSCSPLC (+0.88%) led the market advancers, while SDAFRILAND (-0.30%) was the sole decliner in today’s session.
In the foreign exchange market, the naira weakened marginally as the official exchange rate depreciated by 0.3% to close at N1,375.50 per US dollar, reflecting lingering demand pressures in the FX market.
Meanwhile, liquidity conditions in the money market tightened slightly despite significant inflows from Open Market Operations maturities estimated at N2.25 trillion.
Consequently, the overnight lending rate edged higher by 9 basis points to 22.2%, indicating persistent funding pressures within the banking system.
Activity in the Treasury bills secondary market remained subdued with a bearish undertone. Average yields expanded marginally by 1 basis point to 17.5%, driven mainly by selloffs at the short and mid segments of the curve.
Yields on the 65-day and 142-day instruments rose sharply by 39 basis points and 19 basis points, respectively, while the long end remained largely unchanged.
Similarly, yields in the OMO segment climbed by 3 basis points to 21.2% as investors continued to reassess positions amid evolving liquidity dynamics.
In contrast, the Federal Government bond market closed on a bullish note as buying interest resurfaced in short-dated instruments. Average benchmark yields declined by 4 basis points to 15.7%, largely supported by strong demand for the MAR-2027 bond, whose yield compressed significantly by 111 basis points.
Yields across the mid and long segments of the curve, however, remained broadly unchanged as investors maintained a cautious stance ahead of further market catalysts.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
