Fixed Income in Focus:
The market traded on a broadly bullish tone through the week, led by sustained bond demand after a cautious start. Activity centred on the 2031s–2037s, where yields compressed by c. ▼22.5bps WoW, despite a brief retracement on Thursday, as improved liquidity supported buying across the belly of the curve. The move reflected firmer risk appetite, with investors continuing to add duration following the previous week’s sharp repricing.
In T-bills, focus was on the NTB auction, where ₦2.03tn in subscriptions chased ₦1.06tn allotted, while the 364-day bill cleared at 17.70%, about 36bps above the previous level. The higher clearing rate created room for demand to re-emerge in secondary trading, with the newly issued 8-Jul bill rallying to 17.30% by Friday, 40bps below stop. This kept sentiment broadly bullish across bonds and bills, while OMO activity remained subdued and liquidity closed at c. ₦4.33tn, after peaking at ₦4.89tn midweek.
Nigerian Equities:
The ASI advanced 6.35% WoW, marking a strong recovery. Industrials (+10.46%) and Oil & Gas (+8.11%) led gains, reflecting broad-based buying interest. The rally was driven by renewed accumulation in heavyweight counters as investors took advantage of attractive valuations following June’s selloff.
NTB Auction Result
| 91-day | 182-day | 364-day | |
| Sales (₦‘bn) | 115,383 | 13,760 | 935,316 |
| Stop Rates | 16.30% | 16.50% | 17.70% |
FI Weekly Snapshot
| FGN Bond | Open (Yield) | Close (Yield) | Chg WoW |
| % | % | (Bps) | |
| Feb-31 | 18.10 | 17.80 | 30 |
| May-33 | 18.35 | 18.15 | 20 |
| Feb-34 | 18.40 | 18.15 | 25 |
| Jan-35 | 18.45 | 18.25 | 20 |
| Apr-37 | 18.40 | 18.25 | 15 |
| NTB | Open | Close | Effective Yield |
| % | % | % | |
| 08-Jul-27 | 17.00 | 17.30 | 20.87 |
| 17-Jun-27 | 17.00 | 17.30 | 20.62 |
| 03-Jun-27 | 16.44 | 17.30 | 20.46 |
Indices Watch 1-Yr Performance %
NSE 30 : Gainers and Losers
The Week Ahead…
The week is set against a key macroeconomic release, with June CPI due on Tuesday, ahead of a mid-week NTB auction where the DMO is set to offer ₦600bn across tenors. Expected OMO inflows of c. ₦2.97tn should keep liquidity robust, while sentiment will hinge on the inflation print and auction outcome. A softer CPI reading and strong bid cover should sustain the bullish bias, while an upside surprise could keep trading cautious.
For equities, We expect positive momentum to persist, albeit more selectively, as investors position ahead of H1 earnings releases. Early corporate results are likely to drive sector rotation, while sustained upside will depend on broader market participation beyond the recent heavyweight-led rebound.
