SAT, JAN 13 2024-theGBJournal|The FGN local bond Market traded on mixed sentiments this week with activity skewed to the 29s, 38s and 53s.
We saw some trades executed on the 29s at 13.00%. On the 2053 bond, we saw trades executed at 15.85%, 15.40% and as low as 15.20% throughout the course of the week.
To conclude the week, market went into quiet mode due to the illiquidity in the system.
W-on-W, the average benchmark yield declined by 40bps to 13.75%.
The FGN Eurobond market also traded on mixed sentiments.
The bearish mode stemmed from the effect of the higher-than-expected Non-Farm Payroll data (216K vs 170K), CPI data (3.40% against expectations of 3.20%) while the bullish mode was due to the PPI data (1% YoY Vs. expectations of 1.3%).
Furthermore, the average benchmark yields lost 55bps week-on-week, settling at 9.82%.
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