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Bullish Sentiment Prevails in Debt Market



  • Bullish Sentiment Prevails in Debt Market

The bulls prevailed in the bonds market on Monday with a 0.003 per cent decline in the average yield. Yields on four bonds advanced while, the yields on eight instruments declined. Consequently, the average bond yield closed the day at 13.77 per cent.

In the same vein, activities in the secondary market for treasury bills were mixed. The one-month and nine-month tenors recorded respective yield declines of 0.86 per cent and 0.09 per cent while yields on the three-month, six-month and 12-month tenors advanced by 0.009 per cent, 0.029 per cent and 0.09 per cent, accordingly.

However, the average T-bills yield dipped by 0.16 per cent to settle at 15.09 per cent.

The average money market rate advanced by 2.30 per cent, owing to an increase in the open buy-back and overnight rates by 1.92 per cent and 2.17 per cent, respectively.

The naira, according to Meristem Assets Management data, traded flat at the interbank and parallel foreign exchange market, remaining unchanged at N305.85/dollar and N362/dollar, respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.