Investors Await Primary Market Auction

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By Modupe Gbadeyanka

Market players had their focus on the upcoming Primary Market Auction (PMA) as a total offer of N50 billion OMO sale was left unsubscribed.

Expectedly, the OBB (9.3%) and Overnight (10.0%) rates edged lower by 142bps apiece.

Sell-side sentiment at the longer end of the curve stoked a bearish close to the T-bills market, expanding average T-bills yield by 24bps to finish at 20.2 percent.

Similarly, modest sell-side pressure in the 7Y instrument nudged average bond yields marginally higher by 1bp to close at 15.7 percent.

The upcoming PMA auction is likely to be significantly oversubscribed, to dictate sentiments in the FI space in the next trading session.

United Capital Plc

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