Daily Market Update –January 28, 2013

The Money Market
Interest rates rose by about 0.50% from previous closing levels as a result of the ₦100 billion OMO floated by the Central Bank. Consequently, the secured OBB and the overnight funds traded about 11.25% and 11.50% respectively.

Treasury Bills Market
The Treasury Bills Market was relatively active today with a slight upward movement in yields across board basically because of the OMO auction for settlement today. Yields on the short and medium tenured bills increased by an average of 0.20% while long tenured bills increased by an average of 0.10%.

The Bonds Market
The Bond Market opened this week higher than previous close. An average of 7 kobo price appreciation was seen across all trading bonds with the most emphasis on the Jan 2022 which appreciated by 25 kobo from its opening levels.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.20 to a dollar with the naira appreciating by 15 kobo due to ease in demand pressures. Unspecified inflows from some offshore investors contributed to the appreciation of the naira. The naira had appreciated last Friday by 12 kobo.

At the WDAS auction held today, the Central Bank sold $150.00 million at ₦155.73 to the dollar, the same amount 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 0.32% to close at ₦10.07 trillion, from ₦10.10 trillion.

The NSE All-Share Index also depreciated by 0.34% to close at 31,474.88 basis points as against last Friday’s record of 31,583.49; putting year-to-date returns at 12.09%.

ECOBANK TRANSNATIONAL topped the volume chart today with 361.25 million units of shares valued at ₦3.98 billion, while UNITY BANK followed, exchanging 107.55 million worth ₦84.96 million.

Market breadth remained positive today with 46 gainers against 21 losers. PRESCO, JBERGER and UNITYBNK topped the gainers’ chart, gaining 10.00%, 10.00%, and 9.72% respectively, while AIRSERVICE, AIICO and REDSTAREX led market losers with respective losses of 9.86%, 8.24% and 5.72%.