TUE JUNE 25 2024-theGBJournal| At the money market Tuesday, the overnight lending rate expanded by 1bp to 24.0%, in the absence of any significant outflows from the system.
The fixed income market had a contrasting day. While the NTB secondary market closed on a bearish note, the FGN Bond secondary market closed on bullish sentiments.
Treasury Bills average yield expanded by 9bps to 22.0%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments driven by mild interest in the 79DTM (-1bp) and 170DTM (-1bp) bills, respectively.
Conversely, the average yield expanded at the long (+21bps) end due to profit taking activities on the 226DTM (+90bps) bill. Similarly, the average yield advanced by 124bps to 23.5% in the OMO segment.
The FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 6bps to 18.6%.
Across the benchmark curve, the average yield increased at the short (+1bp) end, as investors sold off the MAR-2025 (+2bps) bond but contracted at the mid (-32bps) segment due to buying interest in the JUN-2033 (-156bps) bond.
Meanwhile, the average yield was unchanged at the long end.
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