Fixed Income in Focus:
The market traded mixed through the week, with demand improving across bonds and Treasury bills into Friday. In bonds, activity centred on the belly of the curve, where yields across the selected 2031s–2037s closed broadly unchanged on average WoW, as early selling was offset by renewed demand later in the week. The softer June inflation print at 15.91% YoY also lent a mildly bullish undertone ahead of the July bond auction.
In T-bills, the NTB auction attracted ₦3.03tn in subscriptions against a ₦600bn offer, representing 5.1x cover, while the CBN allotted ₦1.19tn. Demand was concentrated on the 364-day bill, which received ₦2.87tn in bids and cleared at 17.66%, ▼4bps from the previous auction. Post-auction demand pushed the newly issued 15-Jul bill to 17.25% by Friday, ▼41bps below stop. OMO activity remained subdued, while liquidity peaked at c.₦5.27tn midweek before closing at c.₦4.63tn.
Nigerian Equities:
The ASI slipped 0.14% WoW as the market consolidated after the previous week’s rally. Banking (+9.30%) outperformed on sustained buying interest, while Industrials (-6.26%) lagged as profit-taking in heavyweight names drove a rotation into financial stocks.
NTB Auction Result
| 91-day | 182-day | 364-day | |
| Sales (₦‘bn) | 80.840 | 48.178 | 1,061.775 |
| Stop Rates | 16.30% | 16.50% | 17.66% |
FI Weekly Snapshot
| FGN Bond | Open (Yield) | Close (Yield) | Chg WoW |
| % | % | (Bps) | |
| Feb-31 | 17.80 | 17.85 | (5) |
| May-33 | 18.15 | 18.10 | 5 |
| Feb-34 | 18.15 | 18.15 | |
| Jan-35 | 18.25 | 18.25 | |
| Apr-37 | 18.25 | 18.25 |
| NTB | Open | Close | Effective Yield |
| % | % | % | |
| 15-Jul-27 | 17.45 | 17.25 | 20.80 |
| 08-Jun-27 | 17.30 | 17.35 | 20.86 |
| 17-Jun-27 | 17.30 | 17.20 | 20.40 |
Indices Watch 1-Yr Performance %
NSE 30 : Gainers and Losers
The Week Ahead…
The week is anchored by Monday’s ₦1.20tn FGN bond auction, with ₦400bn offered each across the 22.60% Jan-2035, 16.2499% Apr-2037 and 15.45% Jun-2038. Expected inflows of c.₦2.13tn, driven by ₦1.62tn in OMO maturities, ₦378.43bn in NTB maturities and ₦140.44bn in coupon payments on the 13.00% Jan-2042, 10.00% Jul-2030 and 9.80% Jul-2045 FGN bonds should support liquidity.
Attention will also be on this week’s MPC decision, with trading expected to be driven by the auction outcome, liquidity conditions and policy guidance. For equities, We expect trading to remain selective as investors position ahead of H1 earnings releases, with early corporate results likely to shape sector rotation.
