June 3, 2026/Cordros Report

EQUITIES

The domestic bourse posted its third consecutive loss as the losses in MTNN (-7.0%), WAPCO (-10.0%), and FIRSTHOLDCO (-6.8%) drove a 1.4% decline in the All-Share Index to 243,132.61 points. Consequently, the Month-to-Date and Year-to-Date returns settled lower at -2.9% and +56.2%, respectively.

The total volume traded advanced by 57.1% to 922.97 million units, valued at NGN42.27 billion, and exchanged in 69,332 deals. STERLINGNG was the most traded stock by volume at 264.59 million units, while MTNN was the most traded stock by value at NGN17.61 billion.

Sectoral performance was broadly bearish as the Insurance (-2.8%), Industrial Goods (-1.6%), Banking (-1.5%), Consumer Goods (-0.3%) and Oil and Gas (-0.1%) indices declined.

As measured by market breadth, market sentiment was negative (0.3x), as 14 tickers gained relative to 43 losers. WAPCO (-10.0%) and ZICHIS (-9.8%) recorded the highest losses of the day, while ABBEYBDS (+9.9%) and INTENEGINS (+9.9%) led the gainers.

CURRENCY

The official FX rate appreciated by 0.1% to NGN1,363.00/USD.

MONEY MARKET & FIXED INCOME

The overnight lending rate expanded by 2bps to 22.2%, following debits from OMO PMA (NGN3.04 trillion).

The Treasury bill secondary market traded on a bullish note as the average yield contracted by 2bps to 17.5%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-2bps) segments due to the demand for the 92DTM (-1bp), 169DTM (-15bps) and 323DTM (-25bps) bills, respectively. Similarly, the average yield contracted by 6bps to 20.9% in the OMO segment.

The FGN bond secondary market traded on a bearish note, as the average yield expanded by 11bps to 15.9%. Across the benchmark curve, the average yield expanded at the short (+25bps), mid (+2bps), and long (+5bps) segments following selloffs of the MAR-2027 (+113bps), JUN-2033 (+9bps) and JUN-2038 (+38bps) bonds, respectively.

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June 3, 2026/InvestmentOne Report

The NGXASI declined by 1.44% to close at 243,137.00pts, as the losses recorded in WAPCO (-9.97%), MTNN (-6.95%) and FIRSTHOLDCO (-6.80%) drove the local equities market into the negative zone.
 
In the fixed income space, the Treasury Bills secondary market traded on a mildly positive note amid buy pressure observed across the curve. Consequently, the Average T-Bills yield declined by 2bp to close at 17.45%. Elsewhere, the FGN Bond secondary market traded on a neutral note as the Average FGN Bond yield remained flat to close at 16.36%.
 
At the NFEM window, the Naira appreciated by 0.08% to close at NGN1,360.00/USD. Crude oil price (Brent) rose by 2.09% to close at USD98.01pb.
 
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June 1, 2026/NGX

The Nigerian capital market on Monday achieved a historic milestone with the successful transition to a T+1 settlement cycle, becoming the first market in Africa to implement the shortened settlement framework designed to enhance efficiency, reduce risk, and improve global competitiveness.

Speaking at the T+1 Settlement Cycle Transition Ceremony in Lagos, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the development as a defining moment in the market’s evolution. “The era of T+1 has begun. In just six months, Nigeria has successfully progressed from T+2 to T+1 settlement, joining a growing group of markets embracing faster and more efficient settlement cycles. This achievement signals that Nigeria is prepared to undertake the structural reforms required to compete for global capital,” Agama said.

He added that the reform aligns Nigeria’s capital market with global best practices, where shorter settlement cycles are increasingly being adopted to improve post-trade efficiency, reduce counterparty risk, and strengthen investor confidence. He reaffirmed the Commission’s commitment to continued modernisation of market systems and processes.

In his goodwill message, the Group Chairman of NGX Group, Alhaji Umaru Kwairanga, described the transition as a key step in the ongoing transformation of Nigeria’s capital market. He said the development underscores the shared commitment of stakeholders to strengthening market institutions, deepening investor confidence, and enhancing the market’s role in supporting economic growth and capital formation. “Milestones such as this reinforce confidence in our institutions and demonstrate our collective determination to build a more efficient and globally competitive capital market,” he stated.

Also speaking at the event, the Chairman of Central Securities Clearing System (CSCS) Plc Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, said the transition represents a critical step in the broader evolution of Nigeria’s capital market. He noted that while the achievement marks a significant milestone, it is part of a longer journey toward building a deeper, more liquid, and more globally competitive market capable of supporting sustained economic growth and capital formation. “While today is a significant milestone, it is not the destination. It is part of a broader journey toward building a deeper, more liquid, efficient, and globally competitive capital market capable of supporting long-term economic growth and capital formation,” he said.

The Managing Director/Chief Executive Officer of CSCS Plc, Shehu Shantali said the milestone reflects the strength and operational readiness of Nigeria’s post-trade ecosystem. He noted that the new settlement cycle would enhance transaction speed, improve liquidity efficiency, and reduce settlement exposure across the market. “This transition is far more than a reduction in settlement timelines. It represents a strategic upgrade to market infrastructure and reinforces our commitment to building a more efficient, resilient, and globally competitive capital market,” he said.

The ceremony culminated in a symbolic closing gong ceremony marking the official commencement of the T+1 settlement cycle. The event was attended by CEOs of Exchanges market operators, regulators, stockbrokers, and leaders of trade associations across the capital market ecosystem.

The transition follows six months of coordinated industry-wide preparations involving regulators, exchanges, depositories, custodians, registrars, and other market participants, positioning Nigeria among global markets adopting shorter settlement cycles to improve post-trade efficiency and market resilience

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