Daily Market Update –February 13, 2013

The Money Market
As expected, market liquidity shrunk further today due to NNPC withdrawals from the system. However, interest rates remained at the same levels. Consequently, the secured OBB and overnight funds traded circa 14.50% and 14.75% respectively. Market liquidity is expected to improve tomorrow following the credit of T-bills maturity totalling ₦190 billion.

Treasury Bills Market
The Treasury Bills Market was calm today from the bearish trend of the previous days. Activity was still centred on the short and medium tenured bills which dropped an average of 0.08% while the long tenured bills remained relatively stable.

The Bonds Market
The Bond Market opened at its previous close and the market was relatively quiet, which can be attributed to the bond auction of today. Price appreciation of 10kobo was seen on Jan 2022 and April 2017 while the other maturities traded flat, closing where they opened for the day.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.35 to a dollar with the naira appreciating by 3 kobo due to ease in demand pressures. The naira had depreciated by 9 kobo yesterday.

At the WDAS auction held today, the Central Bank sold $120.00 million at ₦155.74 to the dollar against the $180.00 million it sold at the same rate during last Monday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bearish today, as market capitalisation of equities depreciated further by 0.39% to close at ₦10.67 trillion, from ₦10.71 trillion.

The NSE All-Share Index also depreciated by 0.40% to close at 33,355.54 basis points as against yesterday’s figures of 33,487.82; putting year-to-date returns at 18.79%.

UNITY BANK topped the volume chart today with 138.89 million units of shares valued at ₦163.01 million, while TRANSNATIONAL CORPORATION followed, exchanging 135.77 million worth ₦287.01 million.

Market breadth remained positive today with 40 gainers against 34 losers. ROYALEX, DNMEYER and WEMABANK topped the gainers’ chart, gaining 9.82%, 9.56%, and 6.21% respectively, while AIICO, PRESTIGE and CUSTODYINS led market losers with respective losses of 9.86%, 9.68% and 8.51%.