By Bamidele Famoofo
WorldStage– The banking sector dominated trading activity on the Nigerian Exchange Limited on Monday as the benchmark index increased by 0.57 percent.
The NGX 30 Index emerged as the best-performing sector, posting a daily gain of 0.64 percent. Year-to-date return increased to 61.38 percent, positioning the bourse among the best performers across the globe.
Market activity weakened during the session, with trading volume declining by 32.89 percent to 711.05 million shares, while total value traded fell by 6.14erc ent o ₦29.17 billion.
Despite the positive close, market breadth remained negative, with 31 gainers against 34 decliners, indicating lingering bearish sentiment across selected counters.
On the performance chart, ALEX and DAARCOMM led the gainers’ table, while TRANSEXPR and LIVESTOCK topped the laggards’ list.
At the fixed income market, banking system opened with total liquidity settling at a net negative position of ₦3.62 trillion as primary market repayments mopped up funds. In contrast to the tightening in liquidity, Overnight Rate declined by 5bps. Meanwhile, the Nigerian Overnight Financing Rate (NOFR) and the Open Repo Rate remained unchanged at 22.00 percent.
Meanwhile, trading activity in the FGN bond market strengthened as investor sentiment rebounded from the bearish tone recorded in the previous week. Consequently, average yields declined by 8bps to close at 16.20 percent, compared to 16.28 percent in the prior week, reflecting renewed demand across the curve.
Similarly, sentiment in the Nigerian Treasury Bills (NTB) market remained broadly positive, supporting a modest decline in yields. Average NTB yields eased by 3.3bps week-on-week to 17.43 percent from 17.46 percent. Buying interest was concentrated at the mid-tenor segment of the curve, specifically instruments with 150 to 250 DTM, where yields compressed by 14bps.
Furthermore, in Nigeria’s Eurobonds market, however, bearish pressure resurfaced, pushing average sovereign yields marginally higher by 0.9bps to 6.96% from 6.95% in the previous week. Most maturities closed in negative territory except of the 2030 bond, which recorded modest gains.
At the currency market, the USD/NGN pair closed on a flat note at ₦1,373.00.
Meanwhile, Nigeria’s external reserves sustained their upward trajectory, rising further by 7bps to $48.72 billion as of 19 May 2026.
In the commodities market, Brent crude oil prices declined by 4.8% to settle at $95.41 per barrel, marking their lowest level in about two weeks. The decline was due to easing geopolitical risk concerns and expectations of improved crude flows into the global market.
