Daily Market Update –January 17, 2013

The Money Market
At the Money Market today, interest rates fell by 1.50% due to the ₦147 billion Treasury bills maturity credited into the system. Consequently, the secured OBB and the overnight funds traded at 12.25% and 12.50% respectively. Rates are expected to decline further tomorrow as statutory fund (FAAC) has been credited into the system. However, the CBN is expected to mop up the excess liquidity in the system via OMO tomorrow.

Treasury Bills Market
The Treasury Bills Market was in a bullish mood today with yields dropping by an average of 0.20% across all maturities. Major activity was witnessed on the May 2013 bills which dropped by an average of 0.35%.

The Bonds Market
The Bond Market was quite bullish today with volatility witnessed across board. Demand was strong as the entire trading securities initially rose by an average of 90 kobo. The market however saw some recovery with prices closing 50 kobo higher than previous rates.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.20 to a dollar with the naira appreciating by 17 kobo due to ease in demand pressures. Unspecified inflows from some offshore counterparties contributed to the appreciation of the naira. The naira had depreciated yesterday by 1 kobo.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.77% to close at ₦9.70 trillion, from ₦9.63 trillion.

The NSE All-Share Index also appreciated by 0.77% to close at 30,324.86 basis points as against yesterday’s record of 30,093.83; putting year-to-date returns at 8.00%.

TRANSNATIONAL CORPORATION topped the volume chart today with 298.66 million units of shares valued at ₦353.15 million, while UNITY BANK followed, exchanging 75.37 million worth ₦37.68 million.

Market breadth was positive today with 36 gainers against 22 losers. JBERGER, ACADEMY and MOBIL topped the gainers’ chart, gaining 10.00%, 9.95%, and 5.00% respectively, while UBA, DIAMONDBNK and WAPIC led market losers with respective losses of 6.82%, 5.88% and 5.00%.