Daily Market Update –February 8, 2013

The Money Market
Interest rates rose sharply today by about 3.00% as the Central Bank aggressively mopped up excess liquidity from the system via OMO. Consequently, rates on the overnight funds and the secured borrowings closed 13.00% and 12.75% respectively.

Treasury Bills Market
The Treasury Bills Market was relatively active today with a slight upward movement in yields across board which can be attributed to the OMO auction for settlement today. Yields on the short and medium tenured bills went up by an average of 0.10% while long tenured bills increased by an average of 0.05%.

The Bonds Market
The Bond Market was bearish today as the market witnessed an average drop in prices by 25 kobo across all maturities from its opening levels. The most impact was felt by the Jan 2022 and June 2019 which dropped by 45 kobo and 35 kobo respectively from opening prices.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.35 to a dollar with the naira depreciating further by 13 kobo due to demand pressures. Inflow from NNPC sales estimated at $350 million prevented further depreciation of the naira. The naira had depreciated by 2 kobo yesterday.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bullish today, as market capitalisation of equities appreciated by 0.28% to close at ₦10.66 trillion, from ₦10.63 trillion.

The NSE All-Share Index also appreciated by 0.28% to close at 33,313.49 basis points as against yesterday’s figures of 33,219.20; putting year-to-date returns at 18.64%.

TRANSCORP topped the volume chart today with 85.59 million units of shares valued at ₦134.13 million, while UNITY BANK followed, exchanging 70.56 million worth ₦60.95 million.

Market breadth remained positive today with 49 gainers against 20 losers. AIRSERVICE, AIICO and WEMABANK topped the gainers’ chart, gaining 10.00%, 9.91%, and 9.70% respectively, while BETAGLAS, FO and PAINTCOM led market losers with respective losses of 5.00%, 4.96% and 4.74%.