RFA Breakfast Paper - November 3, 2026
Nigeria's Securities Auctions Fall 55.86%
Allotments at Nigeria's government securities auctions fell 55.86% to ₦9.501trn in October from ₦21.527trn in September, according to the Financial Markets Dealers Association, as the CBN cut OMO issuance by 64.69% to ₦6.182trn and Treasury bill allotments fell 45.86% to ₦1.309trn. FGN bonds were the only instrument to grow, rising 25.70% to ₦2.010trn. Weaker bid-to-cover ratios and heavy rejections, including ₦1.84trn of bids at the 28 October T-bill sale, pushed the 10-year FGN yield up 40bps to 16.63% even as the U.S. 10-year fell 36bps. Banking-system liquidity rose 56.75% to ₦7.373trn as OMO maturities exceeded new sales. For investors, higher long-end yields and large projected November inflows offer better entry levels in FGN bonds, though this month's MPC meeting and naira pressure remain the key risks.
Tech Rebound Snaps S&P 500 Losing Streak
The S&P 500 rose 0.36% to 7,568.92 on Tuesday, ending a three-session losing streak, and the Nasdaq gained 0.83% to 25,372.01 as chipmakers and Big Tech rebounded, with technology up 1.31%. The Dow slipped 0.38% after Apple fell on a weak margin outlook, and breadth was negative as consumer staples and materials lagged. JOLTS job openings of 7.52m and a 1.8% rise in factory orders beat forecasts, lifting the 10-year Treasury yield 4bps to 4.95% and keeping December Fed rate-hike bets elevated as midterm voting closed.
Bank Buying Edges NGX ASI Up 0.02%
The NGX All-Share Index rose 0.02% to 254,289.35 on Tuesday, recovering most of Monday's 54.28-point loss as buying returned to selected heavyweights. Zenith Bank gained 0.78% to ₦116.90, Stanbic IBTC 1.17% to ₦163.90 and Access Holdings 1.89% to ₦27.00, lifting the Banking Index 0.03%, while International Breweries rose 6.47% to ₦9.05. The rebound was narrow: decliners led 32 to 20, insurance stocks fell 1.15% and value traded dropped 52.38% to ₦22.61bn. Market capitalisation rose ₦28.65bn to ₦165.11trn, leaving the index near its record but with thinning participation that favours stock-selective positioning.
