August 2, 2024/InvestmentOne Report

The NGXASI advanced by 0.40% today to close at 97,745.73pts, as the gains in OANDO (+10.00%), ZENITHBANK (+2.86%) and GTCO (+2.27%) drove the domestic bourse into the positive region.

In the fixed income space, the Treasury Bills secondary market closed bearish today, driven by the selloffs observed in the short tenor instruments. Consequently, Average T-Bills yield rose by 16bps to close at 25.48%. Similarly, the FGN Bond market was negative as the Average FGN Bond yield narrowly rose by 1bp to close at 19.77%.

At the NAFEM window, the Naira weakened by 3.00% to close at NGN1,617.48/USD. Crude oil price (Brent) shrunk by 3.52% to USD76.72pb.

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