Daily Market Update –November 28, 2012

The Money Market
Interest rates dropped initially due to cash call of about ₦80 billion credited into the system yesterday, however, due to OMO activities by the Central Bank, rates on the secured OBB and overnight funds closed at 13.00% and 13.25% respectively. Interest rates are expected to decline tomorrow due to OMO maturities in excess of ₦170 billion.

Treasury Bills Market
The bearish trend continued in the Treasury Bills Market today. An average of 0.20% increase in yields was witnessed across most maturities. However, with the flotation of ₦100 billion OMO auction mid-way into the market, price discovery became difficult and almost non-existent.

The Bonds Market
The Bond Market was quite active today. An average of 20 kobo appreciation in prices was seen across all traded bonds. The Oct 19 bond was the most actively traded instrument today with price closing 50 kobo higher. Minimal intraday activities were seen on the March 14 and April 15 bonds as well.

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 also closed flat yesterday.

At the WDAS auction held today, the Central Bank sold $200.00 million at ₦155.76 to the dollar, the same amount it sold at the same rate during Monday's auction.

The Stock Market
Trading activities at the Nigerian Stock Exchange (NSE) turned bullish today, as market capitalisation of equities appreciated by 0.44% to close at ₦8.42 trillion, from ₦8.38 trillion.

The NSE All-Share Index also appreciated by 0.44% to close at 26,342.85 basis points as against yesterday’s record of 26,226.259; putting year-to-date returns at 27.07%.

TRANSNATIONAL CORPORATION topped the volume chart today with 63.39 million units of shares valued at ₦57.00 million, while ACCESS BANK followed, exchanging 15.42 million worth ₦136.97 million.

Market breadth was negative today with 13 gainers against 23 losers. REDSTAREX, TOTAL and GLAXOSMITH topped the gainers’ chart, gaining 5.71%, 4.99%, and 4.98% respectively, while PORTPAINT, CUSTODYINS and ETERNA led market losers with respective losses of 5.00%, 4.92%, and 4.35%.

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