Daily Market Update –April 03, 2013

The Money Market
CBN successfully mopped up ₦419 billion from the system via the OMO session that was carried out today. In lieu to this, interest rates went up by an average of 1.00%, as market liquidity fell sharply. Hence, the secured OBB and overnight funds traded at 11.00% and 11.25% respectively.

Interest rates are expected to crash tomorrow, back to their 10% levels, upon the credit of T-bill maturities totalling ₦250 billion.

Treasury Bills Market
The Treasury bills market opened with buying pressures witnessed on the medium and long tenured bills, dropping yields up by an average of 0.30%. Major demand was on the 20-Jun-13 and 11Jul-2013 maturities which reduced in yields by an average of 0.70% closing the market.

The Bonds Market
The market was very bearish today as it witnessed a drop in prices across board. Trading activities were centred on Jan 2022, April 2017 and June 2019 where an average drop in price of 90 kobo was seen from the day’s opening levels.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.45 to a dollar with the naira appreciating by 45 kobo due to ease in demand pressures. Inflows from some oil companies contributed to the appreciation of the naira.

At the WDAS auction held today, the Central Bank sold $237.12 million at ₦155.74 to the dollar against the $300.00 million it sold at the ₦155.75 during last Wednesday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.57% to close at ₦11.06 trillion, from ₦10.99 trillion.

The NSE All-Share Index also appreciated by 0.57% to close at 34,548.73 basis points as against yesterday’s figures of 34,351.87; putting year-to-date returns at 23.04%.

ZENITH BANK topped the volume chart today with 68.76 million units of shares valued at ₦1.57 billion, while STERLING BANK followed, exchanging 54.93 million worth ₦159.44 million.

Market breadth was positive today with 38 gainers against 27 losers. OKOMUOIL, BETAGLAS and AFRIPRUD topped the gainers’ chart, gaining 9.99%, 9.91%, and 9.55% respectively, while PRESCO, MRS and PRESTIGE led market losers with respective losses of 10.00%, 9.97% and 9.86%.