August 21, 2024/InvestmentOne Report

The NGXASI declined today by 0.07% to close at 95,895.92pts as losses in OANDO (-8.66%), UBA (-1.79%) and FBNH (-1.21%) drove the domestic equities market into the red zone.

In the fixed income space, the Treasury Bills secondary market closed negative as we observed sell pressure across the mid and long tenor instruments across the benchmark curve. Consequently, Average T-Bills yield rose by 6bps to close at 23.01%. Elsewhere, the FGN Bond market traded on a positive note as the Average FGN Bond yield slightly fell by 1bp to close at 19.72%.

At the NAFEM window, the Naira strengthened by 3.03% to close at NGN1,543.84/USD. Crude oil price (Brent) settled lower by 1.89% to USD75.74pb.

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