Daily Market Update –May 13, 2013

Photo L-R: NSE’s Executive Director, Market Operations Technology, Ade Bajomo; Managing Director, Custodian and Allied Insurance Plc, Oluwole Oshin; NSE’s Executive Director, Business Development, Haruna Jalo-Waziri; and Chairman, Interstate Securities Limited, Richard Asabia at the Bell Ringing Ceremony in commemoration of the successful conclusion of merger exercise between Custodian & Allied Insurance Plc and Crusader (Nigeria) Plc  at The Exchange on Monday.

The Money Market
Interest rates went up today regardless of the Sovereign Debt Note payments credited into the system. This was as a result of the ₦134 billion OMO debit. Hence, the secured OBB and the overnight funds traded circa 13.00% and 13.25% respectively.

Treasury Bills Market
The T-bills market was bearish today. The market saw an upward movement in yields across board due to the ₦80 billion OMO auction for settlement today. Consequently, yields on the short and medium tenured bills increased by an average of 0.20% while long tenured bills increased by an average of 0.15%.

The Bonds Market
Prices in the Bond Market opened lower today. An average of 40kobo price depreciation was seen across board from last closing levels. Major drop was on the June 2019 and Apr 2017 while the Oct 2019 traded flat.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.65 to a dollar with the naira appreciating by 30 kobo due to ease in demand pressures. The FX interbank market still witnessed an unrelenting supply of dollars from the oil companies as $72 million inflow came into the market today.

At the WDAS auction held today, the Central Bank sold $293.09 million at ₦155.74 to the dollar, against the $300.00 million it sold at ₦155.75 to the dollar during last Wednesday’s auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) was bearish today, as market capitalisation of equities depreciated by 0.17% to close at ₦11.49 trillion, from ₦11.51 trillion.

The NSE All-Share Index also depreciated by 0.15% to close at 35,956.05 basis points as against last Friday’s figures of 36,010.28; putting year-to-date returns at 28.05%.

FIRST CITY MONUMENT BANK topped the volume chart today with 147.88 million units of shares valued at ₦739.33 million, while UBA followed, exchanging 88.04 million worth ₦729.99 million.

Market breadth remained positive today with 41 gainers against 23 losers. REDSTAREX, UNITYBNK and BOCGAS topped the gainers’ chart, gaining 10.00% apiece, while AFRIPRUD, WAPIC and EVANSMED led market losers with respective losses of 10.00%, 10.00% and 9.70%.