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Markets Wrap| Treasury Bills, FGN Bonds market open week bearish as yields rise, Naira down 33.9% to N1,348.63/US$ at NAFEM

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Cordros Mutual Fund prices and returns as of MON, JAN 29 2024.
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MON, JAN 29 2024-theGBJournal| Sentiments in the Treasury bills secondary market were bearish, as the average yield expanded by 160bps to 8.3%.

Across the curve, the average yield advanced across the short (+224bps), mid (+310bps) and long (+37bps) ends driven by profit-taking activities on the 87DTM (+305bps), 164DTM (+422bps) and 192DTM (+468bps) bills, respectively.

Meanwhile, the average yield declined marginally by 1bp to 8.4% in the OMO segment.

Similarly, the Treasury bond secondary market traded on a negative note, as the average yield increased by 17bps to 13.9%.

Across the benchmark curve, the average yield expanded at the short (+53bps) end as market players sold off the MAR-2024 (+267bps) bond but was flat at the mid and long segments.

The naira depreciated by 33.9% to N1,348.63/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The overnight lending rate contracted by 403bps to 14.8%, in the absence of any significant inflows into the system.

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