Total market turnover on the secondary bond market upsurged by 91.52% week-on-week to ¢336.87 million.

This shows that activities on the bond market are improving.

The upturn in aggregate market turnover was on the back of a 92.54% week-on-week increase in the volume traded across the short-dated new bonds.

The Local Currency Yield curve tilted northward, led by a 113 basis points increase in average yield at the belly of the yield curve.

Analysts believe the Monetary Policy Committee’s decision to raise the policy rate to 30% could likely pose a downside to market activity as it favors treasury bills with attractive yields over existing bonds