Global Market Updates:
U.S. Tariffs Take Effect, Targeting Chips and Key Imports
The Trump administration’s new reciprocal tariffs took effect on Thursday, affecting imports from dozens of U.S. trading partners. Notably, a 39% duty was imposed on goods from Switzerland, while a 100% tariff was levied on imported semiconductors, with an exemption for companies that commit to manufacture chips in the United States.
The U.S.-China tariff deadline and upcoming July inflation data are now central to shaping near-term market sentiment.
U.S. Equities Rebound Strongly
Wall Street posted broad gains as the NASDAQ surged 3.9% week-on-week to a record high, recovering from previous week’s sell-off. The S&P 500 and Dow Jones added 2.4% and 1.4%, respectively.
Nigerian Domestic Market Updates
The Nigerian Stock Market – Equities Extend Bullish Run
The Nigerian Stock Exchange extended its bullish run, driven by strong gains in Insurance and Industrial Goods stocks. The NGX-ASI rose 3.18% week-on-week to close at 145,754.91 points, lifting market capitalisation by ₦2.8 trillion to ₦92.2trillion and boosting Year-to-Date (YTD) returns to 41.6%.
Gains were driven by strong performances in BUACEMENT (+13.62%), DANGCEM (+9.22%), BUAFOODS (+118.93%), GUINNESS (+33.06%), and several insurance stocks following President Tinubu’s assent to the Nigeria Insurance Industry Bill (2025).
Four of the five major sectors closed higher, led by Insurance (+41.00% week-on-week), Industrial Goods (+8.73%), Consumer Goods (+8.27%), and Oil & Gas (+0.17%), while the Banking index slipped (-0.75%) weighed by ZENITH and ACCESSCORP losses.
Fixed Income and Foreign Exchange (FX)
The Nigerian Treasury Bills (NTB) market opened the week on a cautious note despite robust system liquidity. Yield rose on the 05 Mar 2026 paper (+38bps to 18.95%). Sentiment improved midweek after the CBN sold a larger-than-expected ₦2.12 trillion at its Open Market Operations (OMO) auction, nudging average yields down by 1bp.
During midweek, trading slowed ahead of the NTB auction, where c.₦173 billion was issued, with the one-year tenor clearing at 16.50% versus 15.88% previously. Despite the under-subscription, post-auction trading turned bearish as mid-tenor sell-offs outweighed short-dated gains.
The week ended with average benchmark yields up 12bps week-on-week to 16.45%.
The African Eurobond market was largely bullish last week, with strong early buying driving broad-based yield declines across maturities. Sentiment was lifted by geopolitical tensions after U.S. President Donald Trump threatened tariffs on countries importing Russian oil, alongside the Bank of England’s dovish 25bp rate cut to 4.0%.
Nigerian Eurobonds benefited from the regional rally, bolstered by the CBN’s announcement of the settlement of all outstanding FX forwards, which reinforced investor confidence in ongoing economic reforms.
Average benchmark yields in the Nigerian segment fell 21bps week-on-week to 8.04%.
The FGN bonds market trading was mixed over the week, with early sessions marked by selling pressure in short- to mid-tenor bonds, notably the 2029, 2032, and 2034 issues. Midweek activity slowed as investors shifted focus to the CBN’s c.₦2.12 trillion OMO sale and ₦173.25 billion NTB auction, prompting uneven moves at the mid-end of the week. Sentiment later improved, driven by selective buying in papers such as the 2035s, which saw yields fall 29bps. However, late-week trading was subdued, with moderate mid-tenor repricing and mild short-end sell-offs before yields retraced.
The week ended marginally bearish, with average benchmark yields up 12bps week-on-week to 16.51%.
Foreign Exchange
This week, naira marginally appreciated week-on-week to close at ₦1,534.90 to 1USD.
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