Daily Market Update –November 15, 2012

The Money Market

Interest rates dropped significantly by an average of 1.50% due to OMO maturities estimated at ₦101 billion. Rates on the secured OBB and the overnight funds closed at 10.50% and 10.75% respectively. Rates are expected to increase slightly tomorrow as authorized dealers fund for FX purchased from the CBN’s WDAS window.

Treasury Bills Market

The Treasury Bills Market was not as active today as it was yesterday, although volatility was witnessed across board. Yields closed firm around previous close, except for the March 2013 maturities which went up by an average of 0.15%.

The Bonds Market

The Bond Market was very active today, with price appreciation of an average of 50 kobo across board. There was decent demand on the 16% June 2019 maturity throughout the trading day with its yield dropping by about 0.18%. With continuing interest from investors as we approach the Bond auction next week, yields are expected to retain the downward trajectory.

he Foreign Exchange Market

The Foreign Exchange Market opened today at ₦157.70 to a dollar with the naira depreciating by ₦1.28 due to demand pressures. The naira had appreciated yesterday by 7 kobo.

The Stock Market

Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated marginally by 0.04% to close at ₦8.40 trillion, from ₦8.39 trillion.

The NSE All-Share Index also appreciated by 0.04% to close at 26,356.63 basis points as against yesterday’s record of 26,346.70; putting year-to-date returns at 27.14%.

FIRST BANK topped the volume chart today with 32.92 million units of shares valued at ₦493.80 million, while BECO PETROLEUM followed, exchanging 26.00 million worth ₦13.00 million.

Market breadth turned positive today with 22 gainers against 17 losers. UNITYBNK, PORTPAINT and FIDELITYBK topped the gainers’ chart, gaining 5.88%, 4.93%, and 4.76% respectively, while CUSTODYINS, BERGER and GUINNESS led market losers with respective losses of 9.35%, 4.97%, and 4.96%.

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