Daily Market Update –March 11, 2013

(Photo: L-R: Ade Bajomo, Executive Director of NSE’s Market Operations Technology; Oscar Onyema, CEO of NSE; Martin Woolnough, MD of Nestle Nigeria Plc, and Haruna Jalo-Waziri, Executive Director of NSE’s Business Development at Nestle Bell Ringing Ceremony yesterday.)

The Money Market
Interest rates inched up slightly by an average of 0.15% as a result of the OMO auction carried out today. Consequently, the secured OBB and overnight funds traded at 10.25% and 10.50% respectively. Rates are expected to remain at these levels and drop on Thursday upon Treasury Bills maturity of ₦200 billion into the system.

Treasury Bills Market
The bearish trend continued today, with yields on the short tenured bills rising by an average of 0.15%, while the medium and long tenured bills increased by an average of 0.10%.

The Bonds Market
Trading improved from last week’s sluggish mode, with prices opening higher than previous close. There was price appreciation across all trading bonds with major emphasis on the April 2017 appreciating by ₦1.20 from opening levels.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.82 to a dollar with the naira depreciating by 40 kobo due to demand pressures. Inflows from some oil companies prevented further depreciation of the naira.

At the WDAS auction held today, the Central Bank sold $180.00 million at ₦155.75 to the dollar against the $150.00 million it sold at the same rate during last Wednesday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated further by 0.13% to close at ₦10.53 trillion, from ₦10.51 trillion.

The NSE All-Share Index also appreciated by 0.13% to close at 32,890.36 basis points as against last Friday’s figures of 32,849.11; putting year-to-date returns at 17.14%.

UNITY BANK topped the volume chart today with 418.48 million units of shares valued at ₦323.47 million, while FTN COCOA PROCESSORS followed, exchanging 41.31 million worth ₦23.02 million.

Market breadth was positive today with 35 gainers against 22 losers. TRANSCORP, PRESTIGE and AIICO topped the gainers’ chart, gaining 9.46%, 5.68%, and 5.32% respectively, while UNITYBNK, STUDPRESS and PORTPAINT led market losers with respective losses of 9.52%, 4.91% and 4.86%.