Daily Market Update –January 7, 2013

The Money Market
Market opened on a liquid note today. However, interest rates rose by an average of 0.25% from previous close due to ₦133 billion Open Market Operations carried out today by the CBN. Hence, the secured funds and the overnight funds traded at 11.25% and 11.50% respectively.

Treasury Bills Market
The Treasury Bills Market was quiet today, with yields dropping slightly by an average of 0.07% on the short and medium tenured bills while the long tenured bills remained relatively stable.

The Bonds Market
The Bond Market was on a bullish run today, with an average of 0.70% price appreciation seen across all trading bonds from the opening levels. Major highlights were on the Oct. 2019, April 2017 and June 2019 whose yields dropped by 0.23%, 0.27% and 0.21% respectively.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦156.20 to a dollar with the naira depreciating further by additional 90 kobo due to demand pressures. The naira had depreciated last Friday by 90 kobo.

At the WDAS auction held today, the Central Bank sold $150.00 million at ₦155.77 to the dollar against the $300.00 million it sold at the same rate during last auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 1.57% to close at ₦9.27 trillion, from ₦9.12 trillion.

The NSE All-Share Index also appreciated by 1.57% to close at 28,986.20 basis points as against last Friday’s record of 28,538.06; putting year-to-date returns at 3.23%.

UNITY BANK topped the volume chart today with 109.31 million units of shares valued at ₦54.81 million, while FCMB followed, exchanging 40.74 million worth ₦206.15 million.

Market breadth was positive today with 49 gainers against 11 losers. FCMB, AIRSERVICE and FIDELITY BANK topped the gainers’ chart, gaining 10.00%, 10.00%, and 9.93% respectively, while NEIMETH, BETAGLAS and NEM led market losers with respective losses of 5.00%, 4.95%, and 4.92%.