Daily Market Update –April 04, 2013

The Money Market
As expected interest rates dropped to 10% levels due to the credit of Treasury bills maturity of about ₦250 billion into the system. Irrespective of the OMO session carried, the secured OBB and overnight funds traded at 10.25% and 10.50% respectively. Rates are expected to close the week at these levels in the absence of any major withdrawal from the system.

Treasury Bills Market
Despite the ₦100 billion OMO auction for settlement today, the market witnessed buying pressure across all maturities. Consequently, yields dropped by an average of 0.20% on the short tenured bills and 0.15% on the medium and long tenured bills.

The Bonds Market
The bearish trend continued today with a further depreciation in prices seen across board. Again, attention was centred on the Jan 2022, April 2017 and June 2019 maturities, where an average drop in price of 25 kobo was witnessed. Other bonds however traded flat.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.05 to a dollar with the naira depreciating by 48 kobo due to demand pressures. Inflows from some oil companies prevented further depreciation of the naira.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bearish today, as market capitalisation of equities depreciated by 0.61% to close at ₦10.99 trillion, from ₦11.06 trillion.

The NSE All-Share Index also depreciated by 0.61% to close at 34,339.65 basis points as against yesterday’s figures of 34,548.73; putting year-to-date returns at 22.30%.

MANSARD INSURANCE topped the volume chart today with 44.79 million units of shares valued at ₦114.02 million, while FIRST CITY MONUMENT BANK followed, exchanging 37.81 million worth ₦188.61 million.

Market breadth was negative today with 27 gainers against 35 losers. PAINTCOM, PRESCO and OKOMUOIL topped the gainers’ chart, gaining 10.00% each respectively, while AIRSERVICE, VONO and MULTITREX led market losers with respective losses of 9.87%, 9.72% and 9.59%.