Fixed Income in Focus:
The week opened firm, with system liquidity at c.₦3.6tn, even as bearish sentiment dominated early activity. In the Treasury market, profit-taking ahead of the mid-week NTB auction drove early positioning; the auction cleared at 1.05x cover, with the long end c.+45bps higher versus previous stops (actual < forecast). Post-auction, sentiment turned bullish into the close, with the new 365-day bill trading at 16.85–17.10%. In the bond market, bearish tone persisted ahead of the bond auction, with the mid-tenor 31s, 32s and 33s backing up c.30–50bps. The CBN’s conducted a late week OMO auction, clearing at 2.21x cover (stops: 19.39%/19.49%), after which OMO bills traded bullish at 18.80–19.00%, while system liquidity held firm closing at c.₦2.72tn.
Nigerian Equities:
The NGX All-Share Index rose 1.63% w/w to 149,433.26, extending its positive momentum amid improved sentiment,led by Insurance (+3.40%) and Consumer Goods (+2.64%), and Banking (-0.12%) closed slightly lower on mild profit-taking. We expect sentiment to remain selective, with flows guided by stock-specific positioning.
NTB Auction Result
| 91 Days | 182 Days | 364 Days | |
| Sales (₦‘bn) | 103.358 | 13.636 | 671.203 |
| Stop Rates | 15.30% | 15.50% | 17.95% |
FI Weekly Snapshot
| FGN Bond | Open (Yield) | Close (Yield) | Chg WoW |
| % | % | (Bps) | |
| Apr-29 | 16.90 | 17.40 | (50) |
| Feb-31 | 16.85 | 17.40 | (45) |
| Jun-32 | 16.85 | 17.25 | (40) |
| May-33 | 16.80 | 17.15 | (35) |
| Jun-53 | 15.00 | 15.00 | – |
| NTB | Open | Close | Effective Yield |
| % | % | % | |
| 10-Dec-26 | 17.45 | 16.65 | 19.93 |
| 03-Dec-26 | 17.50 | 16.85 | 20.14 |
| 19-Nov-26 | 17.00 | 16.75 | 19.85 |
Indices Watch 1-Yr Performance %
This Weeks Market Movers NGX
The Week Ahead…
VThe week is set against a front-loaded primary calendar, beginning with an early-week FGN Bond auction where the DMO is expected to reopen c.₦460bn across the 17.945% Aug-2030 and 17.95% Jun-2032 papers, we expect marginal rates to fall in the range of 17.30-17.60%. Followed by a mid-week NTB auction, with the DMO scheduled to issue ₦700bn against an expected net inflow of c.₦616bn from FGNSKJun-2027 coupon, OMO and NTB maturities.
We also anticipate the November CPI inflation report to be released early in the week. Overall, the market is likely to take direction from the auction outcomes and the macro data print, though caution should remain the dominant tone through the week.
