February 8, 2024/InvestmentOne Report

The NGXASI declined by 0.86% today to close at 101,227.42pts, as investors selloffs in DANGSUGA (-8.61%), STANBIC (-7.69%) and TRANSCORP (-9.45%) drove the market into the red zone.

In the Fixed income space, the Treasury Bills secondary market closed bearish, largely driven by selloffs on the short and mid tenor instruments, as Average T-Bills yield increased by 251bps to 14.61%. Similarly, the FGN Bond market closed bearish as the Average FGN Bond yields rose by 28bps to close at 15.58%.

At the NAFEM window, the Naira depreciated by 4.28% to close at NGN1,479.47/USD. Crude oil price (Brent) trended downward by 2.69% to USD81.34pb.

Kindly find below the full Financial Market Report.