Daily Market Update –January 30, 2013

The Money Market
With the Money Market still awash with liquidity, the Central Bank of Nigeria floated a ₦140 billion OMO auction and successfully mopped up ₦188 billion from the system. Consequently, the secured OBB and the overnight funds closed at 13.00% and 13.25% respectively. Interest rates are expected to crash tomorrow as T-bills maturity of ₦330 billion is credited to the system.

Treasury Bills Market
The bearish trend continued today at the Treasury Bills Market as a result of the announcement of OMO auction for settlement today. Yields on the shorter end of the curve rose by an average of 0.15% while the longer tenured bills rose by an average of 0.10%.

The Bonds Market
The Bond Market was quite bearish today as prices across all the trading bonds dropped by an average of 15 kobo from its opening levels with emphasis on the Jan 2022 and Oct 2019.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.00 to a dollar with the naira depreciating by 30 kobo due to demand pressures. Sales of an oil company estimated at $45.5 million prevented further depreciation of the naira. The naira had closed flat yesterday due to ease in demand pressures.

At the WDAS auction held today, the Central Bank sold $120.00 million at ₦155.74 to the dollar against the $150.00 million it sold at ₦155.73 during last Monday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated further by 0.77% to close at ₦10.18 trillion, from ₦10.10 trillion.

The NSE All-Share Index also appreciated by 0.77% to close at 31,815.45 basis points as against yesterday’s record of 31,571.46; putting year-to-date returns at 13.31%.

NIGER INSURANCE topped the volume chart today with 62.66 million units of shares valued at ₦31.49 million, while UNITY BANK followed, exchanging 42.47 million worth ₦30.70 million.

Market breadth remained positive today with 41 gainers against 25 losers. JBERGER, NESTLE and PZ topped the gainers’ chart, gaining 9.92%, 6.31%, and 5.92% respectively, while INTBREW, PRESTIGE and UNITYBNK led market losers with respective losses of 10.00%, 9.09% and 8.86%.