Daily Market Update –April 10, 2013

The Money Market
Liquidity in the money market declined further today due to NNPC remittances. As a result, rates went up by an average of 0.50%. Consequently, the secured OBB and overnight funds traded at 14% and 14.5% respectively. Interest rate is expected to fall steeply tomorrow due to a T-bills net cash credit of ₦155 billion.

Treasury Bills Market
Activity in the Treasury bills market improved today, with intraday volatility witnessed across most maturities. Yields on the short and medium tenured bills dropped by 0.20%, especially on the July 2013 bills which dropped an average of 0.30%. The long tenured bills decreased slightly by an average of 0.10%.

The Bonds Market
The bond market was quite bearish with major drop in prices seen across all maturities. Emphasis was on the 9 series (Jan 2022, April 2017 and June 2019) where an average drop of 55 kobo from opening levels was witnessed, with the most affected bond being the Jan 2022.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.55 to a dollar with the naira appreciating by 31 kobo due to ease in demand pressures. Inflows from some oil companies estimated at $65 million contributed to the appreciation of the naira.

At the WDAS auction held today, the Central Bank sold $300 million at ₦155.75 to the dollar, the same amount sold at ₦155.74 during last Monday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remain bearish today, as market capitalisation of equities further depreciated by 1.24% to close at ₦10.78 trillion, from ₦10.91 trillion.

The NSE All-Share Index also depreciated by 1.24% to close at 33,665.58 basis points as against yesterday’s figures of 34,089.01; putting year-to-date returns at 19.90%.

ACCESS BANK topped the volume chart today with 109.53 million units of shares valued at ₦936.14 million, while UBA followed, exchanging 54.70 million worth ₦360.18 million.

Market breadth was negative today with 12 gainers against 40 losers. WAPIC, OKOMUOIL and RTBRISCOE topped the gainers’ chart, gaining 9.48%, 9.28%, and 8.25% respectively, while DIAMONDBNK, NAHCO and TRANSCORP led market losers with respective losses of 10.00%, 9.93% and 9.92%.