Daily Market Update –May 06, 2013

The Money Market
Market liquidity remained stable today. As a result, funds traded at previous closing levels with secured funds at 12.75 and overnight funds at 13.00%. Interest rates are expected to remain around these levels for a better part of the week and fall when the ₦120 billion T-bills net cash credit hits the system on Thursday.

Treasury Bills Market
The Treasury bills market was relatively active today with a slight downward movement in yields by an average of 0.10% across most tenured maturities. Emphasis was on the Jun-2013 maturities which dropped by an average of 0.20%.

The Bonds Market
The market opened on a stable note today, with most Bonds trading slightly lower than previous closing levels. An average drop of 40 kobo was seen across board with the most impact felt on Jan 2022 and April 2017 where a drop of 60 kobo was seen from previous close.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦158.00 to a dollar with the naira appreciating by 3 kobo due to ease in demand pressures. Unspecified inflows from some oil companies prevented depreciation of the naira.

At the WDAS auction held today, the Central Bank sold $300.00 million at ₦155.75 to the dollar, the same amount and rate it sold 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 0.49% to close at ₦11.17 trillion, from ₦11.23 trillion.

The NSE All-Share Index also depreciated by 0.49% to close at 34,935.62 basis points as against last Friday’s figures of 35,109.33; putting year-to-date returns at 24.42%.

MANSARD INSURANCE topped the volume chart today with 37.06 million units of shares valued at ₦89.52 million, while DIAMOND BANK followed, exchanging 17.07 million worth ₦104.56 million.

Market breadth was negative today with 27 gainers against 28 losers. AIRSERVICE, CAP and ABCTRANS topped the gainers’ chart, gaining 10.00% apiece, while IKEJAHOTEL, JAPAUL OIL and JULI led market losers with respective losses of 10.00%, 10.00% and 9.89%.