Daily Market Update –January 18, 2013

The Money Market
Market liquidity rose sharply due to the credit of statutory funds (FAAC) totalling ₦283 billion into the system. With the excess liquidity in the system, the CBN carried out Open Market Operations (OMO) and successfully mopped out ₦190 billion. Regardless of the CBN tightening measure, interest rates fell significantly by an average of 2.00%. Consequently, the secured OBB and overnight funds traded at 10.25% and 10.50% respectively.

Treasury Bills Market
The bullish trend continued today as the market witnessed a further drop in yields by an average of 0.15% across all maturities. Emphasis was centred on the longer end of the curve with yields dropping by an average of 0.30%.

The Bonds Market
The Bond Market opened at previous close with an average of 20 kobo appreciation in price on the May 2018 and Oct 2019. However, the on-run bonds 5years, 7 years and 10 years traded and closed at previous close.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.05 to a dollar with the naira depreciating by 6 kobo due to demand pressures. The naira had appreciated yesterday by 17 kobo.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 2.00% to close at ₦9.89 trillion, from ₦9.70 trillion.

The NSE All-Share Index also appreciated by 1.99% to close at 30,927.18 basis points as against yesterday’s record of 30,324.86; putting year-to-date returns at 10.14%.

WEMA BANK topped the volume chart today with 107.67 million units of shares valued at ₦63.52 million, while ZENITH BANK followed, exchanging 44.19 million worth ₦914.13 million.

Market breadth was positive today with 45 gainers against 15 losers. ACADEMY, STERLNBANK and OANDO topped the gainers’ chart, gaining 9.91%, 9.73%, and 6.43% respectively, while JOHNHOLT, AFRIPRUD and MAYBAKER led market losers with respective losses of 5.00%, 5.00% and 4.90%.