Daily Market Update –January 11, 2013

The Money Market
The market opened liquid and remained stable through the day. As a result, rates remained the same on the average, regardless of WDAS debits totalling ₦6.7 billion. Consequently, the secured OBB and the overnight funds traded at 12.00% and 12.25% respectively. Rates are expected to open at these levels next week but gradually trend downwards towards the close of the week due to T-bills maturity of ₦147 billion.

Treasury Bills Market
Activities improved in the Treasury Bills Market as it witnessed a bullish trend dropping yields an average of 0.10% across most maturities. This improved activity was mainly driven by the international investors with interest on the longer end of the curve especially on the newly issued one year bill.

The Bonds Market
The Bond Market commenced on a quiet note and became bearish in the course of the day with the market closing with an average drop of 15 kobo across all the trading bonds with the most impact on the Oct. 2019.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦156.46 to a dollar with the naira appreciating by 46 kobo due to ease in demand pressures. Unspecified inflows from offshore investors investing in fixed income securities contributed to the appreciation of the naira.The naira had appreciated yesterday by 46 kobo.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bullish today, as market capitalisation of equities appreciated by 1.83% to close at ₦9.34 trillion, from ₦9.17 trillion.

The NSE All-Share Index also appreciated by 1.76% to close at 29,202.01 basis points as against yesterday’s record of 28,695.59; putting year-to-date returns at 2.20%.

ZENITH BANK topped the volume chart today with 39.32 million units of shares valued at ₦790.60 million, while UBA followed, exchanging 30.02 million worth ₦175.26 million.

Market breadth was positive today with 40 gainers against 14 losers. STERLNBANK, CUSTODYINS and FIDELITYBK topped the gainers’ chart, gaining 9.14%, 9.03%, and 6.76% respectively, while JOHNHOLT, UTC and FCMB led market losers with respective losses of 4.89%, 4.60%, and 4.50%.