Daily Market Update –April 16, 2013

The Money Market
Interest rates remained relatively stable as market activity was minimal (no major withdrawals or credits took place). Hence the secured OBB and overnight funds traded at 12% and 12.25% respectively. Interest rates are expected to trend southwards in anticipation of statutory funds and Treasury bills maturities into the system.

Treasury Bills Market
The market was relatively active today with a slight upward movement in yields by an average of 0.05% across most maturities. The market however witnessed a bullish interest on the 19-Sept-2013 maturity (163days) which dropped significantly by 0.45%.

The Bonds Market
The market opened on a relatively stable note, with most Bonds trading slightly lower than the previous close. The market witnessed an average drop in prices of 30 kobo across board from opening levels, in anticipation of the bond auction tomorrow.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.00 to a dollar with the naira depreciating by 10 kobo due to demand pressures. Unspecified inflows from some oil companies prevented further depreciation of the naira.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bearish today, as market capitalisation of equities depreciated by 0.59% to close at ₦10.66 trillion, from ₦10.72 trillion.

The NSE All-Share Index also depreciated by 0.59% to close at 33,334.67 basis points as against yesterday’s figures of 33,532.89; putting year-to-date returns at 18.72%.

SKYE BANK topped the volume chart today with 51.81 million units of shares valued at ₦319.21 million, while STERLING BANK followed, exchanging 30.21 million worth ₦88.32 million.

Market breadth was negative today with 27 gainers against 38 losers. ROYALEX, AFRIPRUD and CCNN topped the gainers’ chart, gaining 9.86%, 9.68% and 9.38% respectively, while DNMEYER, CAPHOTEL and JOHNHOLT led market losers with respective losses of 10.00%, 9.89% and 9.80%.