Daily Market Update –November 27, 2012

The Money Market
Interest rates continued its bullish run today due to the scarcity of funds in the Money Market. Rates on the secured borrowings and the overnight funds closed at 13.50% and 13.75% respectively coming from 11.00% levels. Interest rates are expected to trend northwards tomorrow as authorised dealers fund for FX purchased from the Central Bank WDAS window.
 
Treasury Bills Market
The Treasury Bills Market was relatively active today with a slight upward movement in yields across board. Yields on the short and medium tenured bills increased by an average of 0.15% while long tenured bills increased by an average of 0.10%.
 
The Bonds Market
The Bond Market opened at yesterday’s closing levels. However, an average of 10 kobo appreciation was seen across board. Market traded flat at these levels with minimal trading activities witnessed.

The Foreign Exchange Market
The Foreign Exchange Market opened today at ₦157.45 to a dollar with the naira closing flat due to ease in demand pressures. The naira had appreciated yesterday by 20 kobo.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bearish today, as market capitalisation of equities depreciated by 0.17% to close at ₦8.38 trillion, from ₦8.39 trillion.
The NSE All-Share Index also depreciated by 0.52% to close at 26,226.259 basis points as against yesterday’s record of 26,363.99; putting year-to-date returns at 26.51%.

TRANSNATIONAL CORPORATION topped the volume chart today with 61.03 million units of shares valued at ₦56.70 million, while FBN HOLDINGS followed, exchanging 31.60 million worth ₦468.23 million.

Market breadth was negative today with 16 gainers against 24 losers. GLAXOSMITH, RTBRISCOE and STERLNBANK topped the gainers’ chart, gaining 4.98%, 4.44%, and 4.03% respectively, while ACADEMY, UBN and MORISON led market losers with respective losses of 9.88%, 5.82%, and 4.89%.

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