Daily Market Update
10th February 2025
Stock Market
Today, the Nigerian stock market lost 0.04%, following losses in ZENITHBANK, UBA, and FIDELITY despite gains in STANBIC, PRESCO, and TRANSCORP. This pushed down the market’s year-to-date (YTD) returns to 2.88%. Sectoral performance today was largely positive, with only the banking sector (-1.02%) recording a loss. Specifically, the Insurance (+1.98%), Consumer Goods (+0.10%), Oil and Gas (+0.09%) and Industrial Goods (+0.08%) sectors posted gains.
Fixed Income Yields
Today, average yield at the Naira fixed income market continued its decent, falling by 5 bps to 21.48%. This follows bullish performances at the secondary NT-bills and FGN Bond markets, where average yields declined by 6 bps and 4 bps each to 22.47% and 20.49%, respectively.
Yields and prices have an inverse relationship. When yield is down, the price of the instrument increases.
Basis Points (Bps) : A basis point is a tiny unit of measure used in finance, equal to 0.01%. Think of it as a way to describe very small changes in interest rates or percentages.
Table 1: Daily performance of selected fixed income products.
| Tenor | 10-Feb-25 | 7-Feb-25 | Change | Direction |
| T-Bill Yields | ||||
| Short-Tenor | 22.29% | 22.40% | -0.11% | ↓ |
| Mid-Tenor | 22.03% | 21.85% | 0.18% | ↑ |
| Long-Tenor | 23.73% | 23.92% | -0.20% | ↓ |
| Bond Yields | ||||
| Mar-25 | 24.48% | 24.48% | 0.00% | ↔ |
| Nov-29 | 21.52% | 21.68% | -0.16% | ↓ |
| Apr-32 | 19.36% | 19.35% | 0.01% | ↑ |
| Mar-50 | 17.83% | 17.83% | 0.00% | ↔ |
| Jun-53 | 17.70% | 17.70% | 0.00% | ↔ |
Source: FMDQ, ARM Research
Money Market
Today, the OPR fell by 6 bps to 32.36%, while the OVN rate edged up by 4 bps to 32.79%. The financial system liquidity closed at a deficit of NGN452.53bn, widening from last Friday’s deficit of NGN315.94bn.
Stay tuned for more market updates.
