Daily Market Update –December 11, 2012

The Money Market
Market liquidity reduced considerably today due to OMO debits and NNPC withdrawals of about ₦160 billion from the system. As a result, rates went up by about 1.50% with the secured OBB and the overnight funds trading at 12.50% and 12.75% respectively. Interest rates are expected to move up by about 1.00% after WDAS debits tomorrow and remain stable through the rest of the week.

Treasury Bills Market
The Treasury Bills Market was quite active today, with intraday volatility seen across board. Yields on the short and medium tenured bills dropped slightly by an average of 0.05% while the long tenured bills increased slightly by 0.05%.

The Bonds Market
The Bond Market opened slightly higher than previous close. It was quite active and price uptick was seen by an average of 40 kobo .Emphasis was on the April 2017, whose yield dropped by 0.23%.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.00 to a dollar with the naira depreciating by 40 kobo due to demand pressures. There were no significant offshore investor inflows to support the demand in the market today. The naira had closed flat yesterday at ₦157.10.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated further by 0.85% to close at ₦8.64 trillion, from ₦8.57 trillion.

The NSE All-Share Index also appreciated by 0.85% to close at 27,050.20 basis points as against yesterday’s record of 26,822.09; putting year-to-date returns at 30.48%.

LAW UNION AND ROCK topped the volume chart today with 106.09 million units of shares valued at ₦53.04 million, while ZENITH BANK followed, exchanging 33.81 million worth ₦599.41 million.

Market breadth remained positive today with 27 gainers against 17 losers. SEVENUP, AIRSERVICE and CUSTODYINS topped the gainers’ chart, gaining 10.00%, 9.96%, and 8.53% respectively, while DNMEYER, IHS and PORTPAINT led market losers with respective losses of 9.92%, 4.89%, and 4.79%.