LAGOS: The sell-off on Nigeria's benchmark 2024 bond moderated on Thursday as the market regulator widened spreads on debt after JP Morgan's decision to remove Africa's biggest economy from its bond index, dealers said on Thursday.
The yield on the 10-year bond which is current listed on the JP Morgan government bond index fell to 16.63 percent in early trades on Thursday from 16.68 percent it closed on Wednesday.
"The market is quiet because of wider spreads," a trader told Reuters.
"The dominant players in the market are pension funds the reason there hasn't been a massive sell off."
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