GABS Financial Daily Market Outlook
Dear Valued Client, Please find below Nigeria's Daily Market Outlook.
02/07/2026
Daily Market Report
Based on Wed, 1st July 2026 close
The NGX equities market closed bearish on Wednesday, July 1, 2026, as the All-Share Index dropped 1.63% to 225,690.06 points and market capitalization fell to ₦144.82 trillion. Sector contractions in NGX Premium (-2.60%) and NGX Banking (-1.49%) were weighed down by a -17.88% plunge in FGSUK2033S6 and max losses in MCNICHOLS (-10.00%), overshadowing AUSTINLAZ’s (+10.00%) gains.
In global energy, oil prices continued downward with Brent crude at $70.84/bbl (-1.02%) and WTI at $67.86/bbl (-1.05%). Domestically, the NFEM rate adjusted to ₦1,390.02 (-0.29%) as the Naira weakened, while Nigeria's External Reserves expanded to a robust $50.89 Billion.
GABS VIEW: Nigeria maintains a strong trade surplus, driven by robust crude oil and petroleum product exports alongside reduced import spending. According to the National Bureau of Statistics, the country's merchandise trade balance reached a surplus of ₦7.55 trillion in Q1 2026—an 89% year-on-year increase from ₦3.5 trillion in Q1 2025.
Receipts from oil, though selling below budget benchmarks, still strengthened external buffers and will continue to impact macroeconomic fundamentals, driving CBN's capacity to intervene in the NFEM.
Partner with GABS Financial to safely navigate market volatilities and maximize fixed-income returns.
Disclaimer: This commentary is for information only and not personal advice.
Note: For professional, tailored investment guidance across equities and fixed‑income products, please contact GABS Financial Services Limited on: +234 703 229 0559, +234 809 332 9999
Note: For professional, tailored investment guidance across equities and fixed‑income products, please contact GABS Financial Services Limited on: +234 703 229 0559, +234 809 332 9999
