THE Nigerian equities market closed on a positive note, with the benchmark index advancing by 2.24%, bringing the year-to-date return to 46.90%.
Market activity was notably strong, as trading volume surged by 41.45% to 956.94 million shares, while total value traded increased significantly by 59.57% to ₦70.57billion, reflecting heightened investor participation and large-value transactions.
Despite thestrong market performance, market breadth weakened, closing negative with 44gainers against 49 decliners. On the performance chart, IMG and WAPCO led thegainers, while UBA topped the losers’ list, followed by TRANSEXPR.
On the sectoral front, the Banking sector dominated trading activity but declined by 0.98%. In contrast, the Industrial sector led overall performance, gaining 4.86%,followed by the Oil & Gas sector, which rose by 4.66%.
On the corporate front, LIVESTOCK FEEDS PLC, VITAFOAM, and HALDANE MCCALL PLC released their Q1 financial statements, while ETI and UAC also published their Q1 2026 earnings reports.
Fixed Income Market
Money market liquidity strengthened further, rising 12.94% to ₦4.52 trillion from ₦4.00 trillion. This drove the Overnight Rate down 5bps to 22.15%, while the NOFR and Open Repo Rate remained unchanged.
In the FGN bond market, investor sentiment remained largely muted, with average yields edging up just 1bp to 16.08% from 16.07%. Trading activity turned bearish at the short end, where yields rose 1bp. The mid-segment saw mixed activity, with yields declining 1bp, while the long end remained muted.
The NTB market closed with average yields at 17.49%, down slightly from 17.50%, reflecting buying interest across most tenors. However, pressure persisted at the tail end of the curve, notably on April 2027 maturities, where average yields rose by 6bps.
Sentiment in Nigeria’s Eurobond market weakened sharply due to a bearish US market as VIX rose by 3%, as stalled US-Iran negotiations pushed oil prices higher.
Overall, average yields rose 1.2bps to 6.88% from 6.87%. However, short-dated maturities remained bullish, with yields declining 5bps, while investors priced in duration risk as yields rose by 3bps at the mid to long ends of the curve.
Currency Market
Just like in the previous session, the naira depreciated against the US dollar. This movement also reflects broader external pressures, including global dollar strength and cautious foreign portfolio flows.
Meanwhile, Nigeria’s external reserves extended their downward trend, declining to approximately $48.43 billion as of April 24, reflecting continued FX interventions and external obligations.
In the commodities market, Brent crude prices advanced by 2.4%, supported by renewed supply concerns and expectations of tighter global output, particularly as OPEC+ maintains production discipline and geopolitical risks persist in key oil-producing regions.
A.I
April 29, 2026
Tags: Nigerian equities market