Daily Market Update –December 17, 2012

The Money Market
Market liquidity fell to a two month record low opening today after Fridays WDAS debit. Rates therefore remained stable at previous close with the secured OBB and the overnight funds trading at 14.50% and 14.75% respectively. An improvement in market liquidity is expected this week as we anticipate the credit of FAAC (Federal Account Allocation Committee) funds into the system.

Treasury Bills Market
The Treasury Bills Market was quiet with a bit of buying interest on some maturities dropping yields by an average of 0.05% across board. Major activity was witnessed on the 5-sep-2013 bill (262 days) which dropped an average of 0.20% to close at 11.60% offer.

The Bonds Market
The FGN Bond Market opened this week lower than its previous close. However, we witnessed intraday price appreciation of 30 kobo on the average across all trading bonds from the opening levels. Highlights were on the June 2019 and Jan 2022 bonds.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.57 to a dollar with the naira depreciating by 43 kobo due to demand pressures. The naira had appreciated last Friday by 13 kobo.

At the WDAS auction held today, the Central Bank sold $200.00 million at ₦155.77 to the dollar against the $180.00 million it sold at the same rate during last Wednesday's auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bearish today, as market capitalisation of equities depreciated by 0.70% to close at ₦8.78 trillion, from ₦8.85 trillion.

The NSE All-Share Index also depreciated by 0.70% to close at 27,492.89 basis points as against yesterday’s record of 27,685.54; putting year-to-date returns at 32.62%.

ZENITH BANK topped the volume chart today with 76.59 million units of shares valued at ₦1.38 billion, while SECURE ELECTRONIC followed, exchanging 36.25 million worth ₦25.38 million.

Market breadth was negative today with 19 gainers against 27 losers. INTBREW, PZ and MANSARD topped the gainers’ chart, gaining 10.00%, 5.69%, and 4.95% respectively, while DNMEYER, REDSTAREX and OANDO led market losers with respective losses of 9.76%, 5.69%, and 4.99%.

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