Daily Market Update –April 09, 2013

The Money Market
The CBN offered ₦50 billion worth of treasury bills in the OMO session carried out today but eventually declined to sell. Nevertheless, interest rates went up sharply by an average of 3.00% due to the OMO auction and NNPC withdrawals from the system. Consequently, the secured OBB and overnight funds traded at 13.5% and 13.75% respectively.

Treasury Bills Market
The Bearish trend continued today as the news of the CBN ₦50 billion OMO auction for settlement today seeped into the market. Although, the CBN didn’t sell any of the bills offered, yields still increased by an average of 0.25% across all maturities as the market witnessed huge supply across board.

The Bonds Market
The market opened on a relatively stable note, with most bonds trading slightly lower than previous closing levels. Before close of market, prices on Jan 2022, April 2017 and June 2019 depreciated by an average of 30 kobo.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.65 to a dollar with the naira closing flat due to ease in demand pressures. Unspecified inflows from some oil companies contributed to the appreciation of the naira.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bearish today, as market capitalisation of equities depreciated by 2.07% to close at ₦10.91 trillion, from ₦11.14 trillion.

The NSE All-Share Index also depreciated by 2.07% to close at 34,089.01 basis points as against yesterday’s figures of 34,810.25; putting year-to-date returns at 21.40%.

DIAMOND BANK topped the volume chart today with 55.07 million units of shares valued at ₦359.45 million, while ACCESS BANK followed, exchanging 41.87 million worth ₦399.25 million.

Market breadth was negative today with 23 gainers against 40 losers. IPWA, BOCGAS and PRESTIGE topped the gainers’ chart, gaining 10.00%, 9.95%, and 9.68% respectively, while DIAMONDBNK, UBA and ETERNA led market losers with respective losses of 10.00%, 9.99% and 9.97%.