…Treasury bond secondary market traded with bearish sentiments
MON, DEC 18 2023-theGBJournal|Activities in the Treasury bills secondary market were bullish, as the average yield pared by 1bp to 8.3%.
Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-1bp) end following demand for the 339DTM (-2bps) bill. Similarly, the average yield declined by 1bp to 12.9% in the OMO segment.
Conversely, the Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 2bps to 14.4%.
Across the benchmark curve, the average yield contracted at the short (-2bps) end driven by bargain hunting on the MAR-2024 (-8bps) bond but advanced at the long (+5bps) end due to the sell-off of the APR-2037 (+37bps) bond. However, the average yield closed flat at the mid segment.
The naira appreciated by 0.2% to N888.35/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate contracted by 115bps to 22.1%, in the absence of any significant inflows into the system.
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