System Liquidity

Liquidity improved following an FGN bond coupon payment, but the large NTB auction settlement is expected to exert mild upward pressure on funding rates in the near term.

FGN Bonds

Trading was subdued as investors shifted focus to the NTB auction and June inflation data, which showed a slight decline. Market participants are expected to remain cautious while awaiting further inflation signals.

Eurobonds

Nigerian Eurobonds gained support from softer U.S. inflation, improved global risk appetite, easing domestic inflation, and firm oil prices. However, geopolitical tensions are likely to keep yields elevated.

Nigerian Equities

The market closed lower as profit-taking outweighed gains, though bargain hunting remained strong in banking and select blue-chip stocks. The market is expected to trade mixed with a slight positive bias as investors continue to accumulate fundamentally strong stocks.

Foreign Exchange

The naira strengthened slightly against the US dollar on improved FX supply, while the pound and euro appreciated due to stronger demand. The naira is expected to remain broadly stable, although demand may keep GBP and EUR elevated.

Commodities

Gold edged lower as safe-haven demand eased and the U.S. dollar strengthened, while oil prices rose. Gold is expected to trade within a narrow range, with direction driven by U.S. data, Fed policy, and geopolitical developments.