Daily Market Update –January 8, 2013

The Money Market
Market liquidity fell today following yesterday’s OMO debit. As a result, rates rose by about 0.75% with the secured OBB trading at 12.00% and the overnight funds at 12.25%. Market liquidity is expected to fall gradually this week as NNPC remittances to CBN commence.

Treasury Bills Market
The Treasury Bills Market was fairly active today, with intraday movement in yields witnessed across some maturities. Yields on the short and medium tenured bills dropped by an average of 0.10% while the long tenured bills dropped slightly by an average of 0.05%.

The Bonds Market
The Bond Market was quite bearish today. The market witnessed an average drop of 60 kobo in prices across all trading bonds with the most impact on the April 2017. The signals from the market indicate a possible increase in supply at the monthly FGN Bond auctions this year. However, the first quarter issuance calendar is yet to be released.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦156.95 to a dollar with the naira appreciating by 55 kobo due to ease in demand pressures. The naira had depreciated yesterday by 90 kobo.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.35% to close at ₦9.30 trillion, from ₦9.27 trillion.

The NSE All-Share Index also appreciated by 0.36% to close at 29,078.81 basis points as against yesterday’s record of 28,986.20; putting year-to-date returns at 3.60%.

TRANSNATIONAL CORPORATION topped the volume chart today with 83.58 million units of shares valued at ₦98.08 million, while UNITY BANK followed, exchanging 53.94 million worth ₦27.28 million.

Market breadth was positive today with 35 gainers against 23 losers. UBA, UAC-PROP and NASCON topped the gainers’ chart, gaining 9.83%, 9.62%, and 9.11% respectively, while DNMEYER, AIICO and CUSTODYINS led market losers with respective losses of 9.68%, 8.97%, and 8.50%.