*CP Market Commentary* 26/02/2024 FX Reserves: $38.58bn NFEM Window: ₦1499.08/$ Interbank Rates: 32.21% (rate increased from 30.57%, following significant reduction of liquidity in the system) Liquidity open: ₦840.39 billion short (driven by the 910.4bn outflow for bond auction settlement) The FGN Treasury Bills market traded with a bullish undertone, as activity on the 19-Feb NTB cleared at 19.65%, while bids on the 10-Feb paper held firm at 19.00% amid thin offers. Day-on-day, the average benchmark yield declined by 4bps to close at 19.83%. The FGN Bonds market saw an active session with a clear bullish bias. The 2031s changed hands at lows of 18.65%, while the 2029s were quoted at 18.75%/18.45%. Further down the curve, trades on the long end printed at 16.30%. Day-on-day, the average benchmark yield declined by 18bps to close at 18.71%. The FGN Eurobonds market extended its recovery from the previous session, buoyed by sentiment ahead of the U.S. Q4 GDP release. Day-on-day, the average benchmark yield declined by 6bps to close at 8.67%. The NGX All-Share Index (ASI) appreciated by 2bps to close at 107,798.99 with market capitalization also increasing, closing at ₦67.19 trillion. Market breadth was positive at 2.06x, with 33 advancers and 16 decliners. Top gainers were AFRIPRUD (+9.90%), CAVERTON (+9.87%) and OMATEK (+8.22%), while top losers were GUINEAINS (-10.00%), EUNISELL (-9.68%), and TIP (-8.02%). Trading activity was mixed on the day, with the volume of shares traded decreasing by 32.25% to 245.17 million units, while the total value of shares traded decreased by 16.79% to ₦8.40 billion. The most actively traded stocks by volume and value were ACCESSCORP and ZENITHBANK. *CP Trading* *Comercio Partners*