Daily Market Update –April 18, 2013

The Money Market
OMO bills maturity of ₦216 billion ensured that the money market remained liquid despite the OMO auction carried out today. Interest rates traded flat at 10.25% for the secured OBB and overnight funds. An increase in rates is expected tomorrow as PDMM’s and authorised dealers fund for FGN Bond auction settlement of ₦104.8 billion and FX purchases of ₦41 billion respectively.

Treasury Bills Market
The bearish trend continued today and was fortified with the ₦200 billion OMO auction for settlement today. Consequently yields increased by an average of 0.45% across most maturities.

The Bonds Market
The Bond market witnessed a lot of volatility after the auction, with prices dropping significantly. An average drop of ₦1.80 was seen across board with the most emphasis on Jan 2022 and June 2019, which were re-opened at the auction.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.30 to a dollar with the naira depreciating by 35 kobo due to demand pressures. Inflows from Mobil estimated at $25.4 million prevented further depreciation of the naira.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) was bearish today, as market capitalisation of equities depreciated by 1.40% to close at ₦10.51 trillion, from ₦10.66 trillion.

The NSE All-Share Index also depreciated by 1.40% to close at 32,887.46 basis points as against yesterday’s figures of 33,334.67; putting year-to-date returns at 17.13%.

FBN HOLDINGS topped the volume chart today with 57.43 million units of shares valued at ₦1.09 billion, while MANSARD INSURANCE followed, exchanging 36.84 million worth ₦99.42 million.

Market breadth remained negative today with 20 gainers against 36 losers. PAINTCOM, WAPIC and NEIMETH topped the gainers’ chart, gaining 9.77%, 9.43% and 9.41% respectively, while BERGER, MAYBAKER and JOHNHOLT led market losers with respective losses of 10.00%, 10.00% and 9.78%.