Stock market hits level not seen since 2008

(Photo L-R:  Oscar Onyema, NSE CEO; Alhaji Aliko Dangote, President of Council, NSE; and Josephine Igbinosu, Head, NSE’s Listings Regulation at the NSE 52nd Annual General Meeting (AGM) in Lagos on Friday)

The Nigerian Stock Exchange (NSE) index rose by almost two percent on Friday to a level last seen in 2008, helped by gains in conglomerate, banking and cement stocks.

Daily Market Update –May 02, 2013

The Money Market
Interest rates fell from previous closing levels today due to the ₦195 billion T-bill maturity credited into the system. Hence, the secured OBB and overnight funds traded at 10.5% and 10.75% respectively.

Treasury Bills Market
The Treasury bills market witnessed renewed interest on the short and medium tenured bills dropping yields by an average of 0.10%. However, yields on the long tenured bills increased by an average of 0.20% due to the ₦100 billion OMO auction for settlement today.

Daily Market Update –April 30, 2013

The Money Market
Funds traded at previous closing levels for most part of trading hours today. However, after the OMO Auction settlement of ₦132 billion (which was above the amount of T-bills on offer), rates rose steeply by an average of 1.00%. As a result, the secured OBB and overnight funds traded at 10.25% and 10.5% but eventually closed at 11.25% and 11.50% respectively.

Treasury Bills Market