Daily Market Update –May 14, 2013

The Money Market
Interest rates rose further today, as market liquidity reduced as a result of the OMO debit from yesterday and continuous NNPC withdrawals from the system. Consequently, secured and overnight funds traded at 14.00% and 14.25% respectively.

Treasury Bills Market
The treasury bills market opened with selling pressure on the medium and long tenured bills. This drove yields up by an average of 0.20%. We also witnessed demand for the short tenured bills, particularly the June 2013 dropping yields by an average of 0.10%.

The Bonds Market
Prices opened lower today in the Bond market. An average of 25kobo price depreciation was seen across board from previous day’s closing levels, with emphasis on the June 2019.

The Foreign Exchange Market
The FX interbank market opened at the previous day’s closing rate and immediately depreciated by 17kobo to ₦157.52/62. This was however short lived as the market was bearish for the rest of day. Rates eventually closed 15k below the opening levels.