Bond yields traded lower on Friday amid fears of a new Covid variant that scientists warn could be more infectious than Delta and even be more resistant to vaccines, dealing a blow to the global recovery. New variant (B.1.1529) has been detected in South Africa and scientists said that it ‘could be of real concern’.
In the global market, oil prices slid more than 1% on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.
Back home, the yields on new 10 year Government Stock were trading 3 basis points lower at 6.33% from its previous close of 6.36% on Thursday.
The benchmark five-year interest rates were trading 1 basis point lower at 5.75% from its previous close of 5.76% on Thursday.