October 28, 2026/Cordros Report
EQUITIES
The Nigerian equities market closed today on a bearish note, as losses in FIRSTHOLDCO (-10.0%), BUACEMENT (-1.2%), GTCO (-1.8%), and ZENITHBANK (-0.4%) caused the All-Share index to close lower by 0.4% to 252,882.78 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +0.7% and +62.5%, respectively.
The total volume traded declined by 92.3% to 404.08 million units, valued at NGN27.90 billion, and exchanged in 38,970 deals. UBA was the most traded stock by volume at 38.48 million units, while DANGCEM was the most traded stock by value at NGN4.86 billion.
Sectoral performance was mixed, as the Banking (-2.4%), Industrial Goods (-0.3%), and Insurance (-0.1%) indices declined, while the Consumer Goods (+0.1%) index advanced. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 26 tickers gained relative to 30 losers. FIRSTHOLDCO (-10.0%) and TRIPPLEG (-5.5%) led the laggards, while SOVRENINS (+10.0%) and UPDCREIT (+9.6%) posted the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.4% to NGN1,347.78/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 46bps to 20.4% in the absence of any significant funding pressure on the system.
Activities in the Treasury bill secondary market were calm albeit with a bullish undertone, as the average yield contracted by 1bp to 17.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-1bp) segments, driven by demand for the 92DTM (-1bp), 169DTM (-1bp) and 351DTM (-1bp) bills. Similarly, the average yield contracted by 2bps to 18.7% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note as the average yield contracted by 1bp to 16.2%. Across the curve, the average yield contracted at the short (-2bps) and long (-1bp) ends, due to demand for the Feb-2031 (-5bps) and Jun-2053 (-5bps) bonds, respectively. The average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
