Daily Market Update –January 14, 2013

The Money Market
After Fridays WDAS debit, Market Liquidity fell slightly today. However, due to continuing NNPC debit, interest rates moved about 0.75% with the secured OBB and the overnight trading at 13.00% and 13.25% respectively.

Treasury Bills Market
The Treasury Bills Market was fairly active today with activity centred on the short and medium tenured bills which dropped yields by an average of 0.10% while the long tenured bills remained relatively stable throughout the trading day.

The Bonds Market
The Bond Market commenced on a quiet note and closed where it opened for the day on most trading bonds. The calm in the market is attributed to the expectance of the 1st issuance calendar this week.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦156.45 to a dollar with the naira depreciating by 25 kobo due to demand pressures. Unspecified inflows from some oil companies prevented further depreciation of the naira. The naira had appreciated yesterday by 46 kobo.

At the WDAS auction held today, the Central Bank was only able to sell $18.20 million at ₦155.72 to the dollar against the $50.00 million it offered for sale. The CBN had sold $43.20 million at ₦155.77 to the dollar during last Wednesday's auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.37% to close at ₦9.37 trillion, from ₦9.34 trillion.

The NSE All-Share Index also appreciated by 0.37% to close at 29,309.70 basis points as against last Friday’s record of 29,202.01; putting year-to-date returns at 4.38%.

UBA topped the volume chart today with 88.50 million units of shares valued at ₦530.29 million, while FIDELITY BANK followed, exchanging 44.07 million worth ₦136.05 million.

Market breadth was positive today with 39 gainers against 15 losers. ACADEMY, SKYEBANK and DIAMONDBNK topped the gainers’ chart, gaining 9.88%, 8.27%, and 6.43% respectively, while JOHNHOLT, UNILEVER and REDSTAREX led market losers with respective losses of 4.79%, 3.02%, and 2.91%.