Courtesy of FSDH and Forte Assets, here is the market report for the week ended Friday, April 17th:

Money & Fixed Income Markets
As expected the implementation of the Liquidity Ratio (LR) and Cash Reserve Requirement (CRR) took effect from this week. This led to the relative liquidity in the inter-bank market. Available data showed that the 7-day NIBOR dipped to close the week at 16.17%, a 77 basis point decrease from the previous week’s figure of 16.79%. While the 90- day NIBOR inched marginally to close the week at 18.26%, a 17 basis point increase from the previous week’s figure of 18.08%. As at the time of this report, the Central Bank of Nigeria (CBN) could not provide us with the weekly activities report of the Treasury bills both in the primary and secondary market.

At the 182-day TB auction, CBN offered and allotted N15.56bn worth of bills. A total of N10.56bn was repaid leading to an outflow of N5bn. The bill carried a discount rate of 4.59%. At the 364-day TB auction, CBN offered and allotted N30bn worth of bill, while N15bn was repaid, leading to an outflow of N15bn. The bill was issued at a discount rate of 6.50%. In all, there was total outflow of N35bn from the primary segment of the money market. At the secondary segment of the government securities market, a total of N148.28bn worth of Repo & EDW (Expanded Discount Window) was withdrawn, while N6.65bn was injected. This led to a withdrawal of about N141.64bn from this segment of the market. The tenor days on the OMO Repo and EDW ranged from 7 days to 60 days.

The discount rate on the bills ranged between 12% and 12.25%.At the auction held on Tuesday, April 14, 2009, the CBN offered US$100mn, while it sold US$136.12mn.The sale was 36.12% higher than what it offered. On Wednesday, April 15, 2009, the CBN offered US$100mn, while it sold US$191.74mn; the sale was higher than what it offered by 91.74%. In all, this week a total of US$200mn was offered, while the CBN sold US$327.86mn. The sale was 63.93% higher than what it offered.

In all, there was a total net outflow of about N128.82bn from the system from both the government securities and the foreign exchange markets. The value of the Naira depreciated against the US Dollar at both the official and parallel markets. The value of the naira depreciated by 10kobo and N4.00 to close the week at N145.90US$1 and N175.50/US$1, compared with the previous week figures of N145.80US$1 and N171.50/US$1 respectively.

Equities Market
The equities market closed the week on a positive note. The Nigerian Stock Exchange All-Share Index (NSE ASI) closed the week higher, compared with the previous week. The NSE ASI closed the week at 19,983.09 points, up from the previous week’s figure of 19,913.86 points, a marginal appreciation of 0.35%, compared with the depreciation of 0.20% recorded in the preceding week. The appreciation in the index was on account of the gains recorded in the Manufacturing & Allied, Petroleum Marketing and the highly capitalized Banking sub-sectors. The market capitalization also appreciated marginally to close the week at N4,521bn (approximately US$30.82bn). It appreciated by 0.36%, compared with the depreciation of 0.20%, recorded in the preceding week. The difference between the  NSE ASI and Market Capitalization was due to supplementary listing during the week.

Top Percentage Gainers and Losers
A total of 47 (35%) equities made it to th e week’s percentage gainers table while 56 (41%) shed weight leaving 33 (24%) stagnant in their share prices.

Top Gainers by Percentage: Cement Company of Northern Nigeria Plc led the percentage gainers table increasing by N1.27kobo (18.87%) to close at N8.00. Others were Vitafoam, Ashaka Cement, Zenith Bank, Oando, Flour Mills, UAC Property, Daar Communications, among others. Below is the list of the top earners:

Top Losers by Percentage: Wema Bank Plc was the highest percentage loser shedding N0.59 (17.88%) to close at N2.71. Others were May & Baker, Lasaco Insurance, Oceanic Bank, Access Bank, African Petroleum, Aso Savings & Loans, to mention a few. Below is the list of the top losers:

Supplementary Listing
A total of 200,000 shares were added to the shares outstanding in the name of Oando Plc on Thursday, April 16, 2009 being part of the Staff Equity Participation Share Scheme.

Over-the Counter Bond Market
A turnover of 300.8mn units worth N315.34bn in 2,308 deals was recorded this week, in contrast to a total of 213.53mn units valued at N214.8bn exchanged in 1,226 deals during the week ended Wednesday, April 8, 2009. The most active bond (measured by turnover volume) was the 5th FGN Bond 2028 Series 5 with a traded volume of 57.9mn units valued at N71.42bn in 544 deals. This was followed by the 4th FGN Bond 2010 Series 12 with a traded volume of 53.7mn units valued at N54.65bn in 461 deals. Twenty five (25) of the available thirty-nine (39) FGN Bonds were traded during the week, compared to twenty- eight (28) in the preceding week.