TUE JULY 30 2024-theGBJournal| The FGN Bonds average yield rose marginally by 3bps to 19.4% Tuesday, as market traded on a bearish note.
Across the benchmark curve, the average yield advanced at the short (+8bps) and long (+1bp) ends, as investors took profits off the MAR-2025 (+38bps) and MAR-2050 (+11bps) bonds, respectively. The average yield closed flat at the mid-segment.
In contrast, sentiments in the NTB secondary market remained bullish, as the average yield contracted by 3bps to 25.2%.
Across the curve, the average yield declined at the short (-1bp) and long (-10bps) ends, following demand for the 86DTM (-1bp) and 191DTM (-46bps) bills, respectively.
Conversely, the average yield expanded at the mid (+8bps) segment, driven by sell pressures on the 177DTM (+56bps) bill. Elsewhere, the average yield increased by 2bps to 24.9% in the OMO segment.
Meanwhile, the overnight lending rate contracted by 16bps to 25.9% in the absence of any significant inflows into the system.
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