Daily Market Update –December 21, 2012

The Money Market
The market was still awash with liquidity, despite the OMO debit of about ₦170 billion yesterday. Irrespective of the Bond Auction and WDAS debits today, rates remained stable at 10.25% and 10.50% for secured borrowings and overnight funds respectively.

Treasury Bills Market
The bearish trend in the market continued today with yields rising an average of 0.15% across most maturities. However, as a result of the continuous bearish trend, price discovery was tough for most part of the trading day.

The Bonds Market
The Bond Market opened relatively flat. However, the bears held the day as we witnessed an average decrease in price across all trading instruments by 29kobo. Emphasis was on the Jan 2022 and April 2017 bonds, whose prices went down by 60kobo and 55kobo respectively from opening levels.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.28 to a dollar with the naira appreciating by 8 kobo due to ease in demand pressures. Unspecified inflows from some oil companies assisted in strengthening the naira.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) was bearish today, as market capitalisation of equities depreciated by 0.39% to close at ₦8.76 trillion, from ₦8.79 trillion.

The NSE All-Share Index also depreciated by 0.39% to close at 27,402.06 basis points as against yesterday’s record of 27,508.09; putting year-to-date returns at 32.18%.

FIDELITY BANK topped the volume chart today with 21.98 million units of shares valued at ₦49.70 million, while ZENITH BANK followed, exchanging 18.56 million worth ₦339.59 million.