Daily Market Update –November 16, 2012

The Money Market

Interest rates rose significantly by an average of 1.50% due to funding for FX purchased from the Central Bank and OMO settlement today. Subsequently, rates on the secured OBB and the overnight funds closed at 12.25% and 13.00% respectively. Market liquidity is expected to improve next week as the market anticipates the disbursement of statutory allocation (FAAC) into the system.

Treasury Bills Market

The Treasury Bills Market was quiet today with minimal trading activity witnessed. This was mainly due to the announcement of the ₦100 billion OMO auction for settlement today, which drove yields up slightly by an average of 0.08% across most maturities.

The Bonds Market

The Bond Market opened on a bullish note, with demand filtering into the market from investors. There were activities across all trading maturities, with an average of 50 kobo price appreciation from the opening levels.

However, 15.10% April 2017 was relatively stable all through the trading hours. At the Bond auction next week, the DMO is offering ₦25 billion each of the 7-year and 10-year instruments.

 

The Foreign Exchange Market

The Foreign Exchange Market opened today at ₦157.95 to a dollar with the naira depreciating further by 50 kobo due to demand pressures. The naira had appreciated yesterday by ₦1.28.

 

The Stock Market

Trading activities at the Nigerian Stock Exchange (NSE) remained bullish today, as market capitalisation of equities appreciated by 0.17% to close at ₦8.41 trillion, from ₦8.40 trillion.

The NSE All-Share Index also appreciated by 0.17% to close at 26,400.94 basis points as against yesterday’s record of 26,356.63; putting year-to-date returns at 27.35%.

BECO PETROLEUM topped the volume chart today with 39.09 million units of shares valued at ₦19.55 million, while DIAMOND BANK followed, exchanging 16.86 million worth ₦68.23 million.

Market breadth turned negative today with 23 gainers against 21 losers. UNITYBNK, REDSTAREX and NCR topped the gainers’ chart, gaining 7.41%, 6.55%, and 4.80% respectively, while CUSTODYINS, PRESTIGE and GLAXOSMITH led market losers with respective losses of 7.14%, 5.66%, and 5.00%.

 

 

 

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