- Bearish Sentiment Hits Debt Markets
In the Nigerian debt market for longer term instrument, bearish sentiment prevailed as the average bond yield advanced by 0.07 per cent to close at 13.53 per cent. Eleven instruments recorded yield increases while three bonds recorded yield declines. Others traded flat.
Following four days of average yield decline in the secondary market for Treasury bills, selloffs commenced on Thursday as the average T-bills yield advanced by 20 basis points to settle at 14.56 per cent.
Yield gains were recorded across all tenors save for the one-month tenor which recorded a yield decline of 0.13 per cent.
System liquidity increased on the back of OPen Market Operation and primary market repayments worth N453.30bn. The open buy-back and overnight rates advanced by 0.84 per cent and 1.25 per cent, respectively, to settle at 6.67 per cent and 7.5 per cent, accordingly. Subsequently, the average money market rate closed higher at 7.09 per cent.
The naira remained stable at both currency markets, according to Meristem Assets Management data. The currency traded flat at N305.75 and N363 to the dollar at the interbank and parallel FX market, respectively.
