Daily Market Update –April 24, 2013

The Money Market
Interest rates remained stable as there were no major withdrawals from or credits to the system. Consequently, the secured OBB and overnight funds traded at 10.255 and 10.50% respectively. Interest rates are expected to close the week at these levels, as the market anticipates the T-bills net cash credit of ₦215 billion tomorrow.

Treasury Bills Market
Activity was minimal in the Treasury bills market today due to the PMA. However, the market witnessed a bit of buying pressure on the short tenured bills which dropped yields by an average of 0.10% while the medium and long tenured bills remained relatively stable.

The Bonds Market
The Bond market was a bit quiet today, as the market witnessed minimal trading activities. Prices were generally stable across all maturities, with slight uptick of about 30 kobo witnessed on the 7 years (June 2019).

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.78 to a dollar with the naira depreciating by 20 kobo due to demand pressures. Inflows from some oil companies prevented further depreciation of the naira.

At the WDAS auction held today, the Central Bank sold $272.25 million at ₦155.75 to the dollar against the $246.52 million it sold at the same rate during last Monday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bullish today, as market capitalisation of equities appreciated by 1.05% to close at ₦10.69 trillion, from ₦10.58 trillion.

The NSE All-Share Index also appreciated by 1.05% to close at 33,432.68 basis points as against yesterday’s figures of 33,086.29; putting year-to-date returns at 19.07%.

UNITY BANK topped the volume chart today with 59.10 million units of shares valued at ₦34.78 million, while ACCESS BANK followed, exchanging 41.74 million worth ₦375.77 million.

Market breadth was negative today with 22 gainers against 34 losers. ABCTRANS, LEARNAFRCA and NAHCO topped the gainers’ chart, gaining 9.84%, 9.84% and 7.14% respectively, while MRS, IKEJAHOTEL and CAPHOTEL led market losers with respective losses of 9.97%, 9.86% and 9.82%.