MON OCT 21 2024-theGBJournal| The FGN bonds secondary market opened the week on a tepid note, albeit with a bearish tilt, as investors awaited the results of today’s bond PMA.
Thus, the average yield expanded by 1bp to 19.1%. Across the benchmark curve, the average yield increased at the short (+5bps) end, as investors sold off the MAR-2025 (+16bps) bond, but was unchanged at the mid and long segments.
The Treasury bills secondary market traded on a bearish note, as the average yield expanded by 2bps to 24.2%.
Across the curve, the average yield declined at the short (-4bps) and long (-2bps) ends, driven by demand for the 80DTM (-4bps) and 318DTM (-84bps) bills, respectively but expanded at the mid (+13bps) segment due to profit-taking activities on the 157DTM (+90bps) bill. Conversely, the average yield dipped by 5bps to 25.9% in the OMO segment.
Meanwhile, the naira fell by 0.2% to N1,603.16/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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