Daily Market Update –November 29, 2012

The Money Market
The Money Market was very liquid with ₦171 billion OMO bills maturing into the system. Interest rates rose to 12.00% levels with the announcement of ₦100 billion OMO by the Central Bank of Nigeria (CBN). However, as the news of the unsuccessful OMO auction filtered into the market, rates dropped to 10.00% levels where it initially opened. Rates are expected to remain stable in the absence of liquidity tightening activities by the CBN.

Treasury Bills Market
The bearish trend intensified today in the Treasury Bills Market with the flotation of ₦100 billion OMO. The market witnessed an average of 0.35% increase in yields on the short and medium tenured bills, while the long tenured bills increased by an average of 0.20%.

The Bonds Market
The Bond Market was very active today as it saw price appreciation by about 40 kobo on the average across board. The May 18 and Oct 19 maturities saw decent demand with yields dropping by about 0.18% and 0.13% respectively. With continuing interest from offshore investors as the market approaches the 3rd tranche inclusion of the FGN Bonds into the JP-EMI, yields are expected to retain the downward trajectory.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.45 to a dollar with the naira appreciating by 13 kobo due to ease in demand pressures. The naira had closed flat yesterday.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.24% to close at ₦8.44 trillion, from ₦8.42 trillion.

The NSE All-Share Index also appreciated by 0.24% to close at 26,404.82 basis points as against yesterday’s record of 26,342.85; putting year-to-date returns at 27.37%.

ABBEY BUILDING SOCIETY topped the volume chart today with 80.00 million units of shares valued at ₦110.70 million, while AFROMEDIA followed, exchanging 54.51 million worth ₦27.26 million.

Market breadth was positive today with 27 gainers against 19 losers. CUSTODYINS, PORTPAINT and CONOIL topped the gainers’ chart, gaining 5.17%, 5.00%, and 5.00% respectively, while ACADEMY, STANBIC and MRS led market losers with respective losses of 9.59%, 4.99%, and 4.98%.


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