Market Report 12th of March 2014. The All Share Index dropped about 0.30% shedding 119points to settle just above the 39,000 point index mark. Intra-day trading especially was marked with bearish activities. The bourse opened on levels lower than previous close and still trended downwards breaking the 39,000pts to touch an intra-day low of 38,928pts. The Banking sector which improved 0.42% and the Industrials which were boosted by DANGCEM to a 0.19% climb. The Naira gained its strength against the U.S Dollar and Pound Sterling as pressure on the local currency eased with the auction held today. Interbank lending rates expanded by 85bps on average to 16.14%. Overnight and 365 day NIBORs both added 88bps to reach 15.42% and 16.92% respectively. The 90 day rate expanded the least, rising 71bps to close 16.33%. Interbank lending rates further expanded today as a result of funding for RDAS. We expect rates to contract tomorrow as about N200 billion is expected to hit the system from maturing OMO bills.
Posted on: Thu, 13 Mar 2014 08:43:33 +0000
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