WED OCT 02 2024-theGBJournal| Both the FGN bond secondary market and NTB secondary market traded with bearish sentiments on Wednesday with yields spiking moderately.
FGN bond secondary market average yield rose by 8bps to 18.7%. Across the benchmark curve, the average yield expanded at the short (+8bps) and mid (+22bps) segments due to selloffs of the MAR-2025 (+34bps) and FEB-2031 (+65bps) bonds, respectively.
Meanwhile, the average yield closed flat at the long end
At the NTB secondary market, the average yield expanded by 61bps to 22.5%.
Across the curve, the average yield increased at the short (+4bps), mid (+48bps), and long (+106bps) segments following profit-taking activities on the 22DTM (+148bps), 162DTM (+123bps), and 323DTM (+207bps) bills, respectively.
Conversely, the average yield declined by 3bps to 23.8% in the OMO segment.
The overnight lending rate expanded by 96bps to 29.7% in the absence of any significant funding pressure on the system.
Meanwhile, the naira depreciated by 7.6% to N1,669.15/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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