Daily Market Update –May 02, 2013

The Money Market
Interest rates fell from previous closing levels today due to the ₦195 billion T-bill maturity credited into the system. Hence, the secured OBB and overnight funds traded at 10.5% and 10.75% respectively.

Treasury Bills Market
The Treasury bills market witnessed renewed interest on the short and medium tenured bills dropping yields by an average of 0.10%. However, yields on the long tenured bills increased by an average of 0.20% due to the ₦100 billion OMO auction for settlement today.

The Bonds Market
The bond market was quite active today, with prices appreciating across board. Prices on all maturities closed by an average of 65 kobo higher than last closing rate with major emphasis on April 2017 and June 2019.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.93 to a dollar with the naira depreciating by 27 kobo due to demand pressures. Unspecified inflows from some oil companies prevented further depreciation of the naira.

The Stock Market
The Nigerian Stock Exchange (NSE) rallied to its biggest daily gain of 2013, driven largely by a limit-up close in heavyweight, DANGCEM. Trading activities at the NSE was bullish, as market capitalisation of equities appreciated by 3.18% to close at ₦11.03 trillion, from ₦10.69 trillion.

The NSE All-Share Index also appreciated by 3.18% to close at 34,502.38 basis points as against Tuesday’s figures of 33,440.57; putting year-to-date returns at 22.88%.

Sectoral performance of the market today was as follows:

  • Conglomerates      –    1.33% gain
  • Financial Services  –    1.50% gain
  • Industrial Goods   –    8.97% gain
  • Oil & Gas               –    0.43% loss

ZENITHBANK topped both volume and value charts today, exchanging 61 million units valued at ₦1.2 billion (32% of overall market value).

Market breadth remained positive as 37 advances outnumbered 20 declines. DANGCEM, JOHNHOLT, and AGLEVENT led the gainers’ chart, gaining 10.00% apiece, while VONO, RTBRISCOE and AFRIPRUD led market declines, with respective losses of 10.00%, 10.00% and 9.68% respectively.