Market Report 17th of March 2014. The bourse remained down beat as the market closed red for the fourth consecutive day with the All Share Index dipping 0.74% to close at 37,888 points. GUARANTY and DANGCEM together shook 157points off the index as the bears maintained a firm hold on the Exchange. Market capitalization trimmed N90.9 billion from last week’s close to settle at N12.17 trillion. As a result of the RDAS auction held today, the Naira was able to appreciate relative to the Dollar. The local currency strengthened by N0.10 against the USD to close at N164.50 at the close of trade. The Naira appreciated as well against the Euro, albeit marginally by N0.02 to settle at N229.30. Relative to the Pound Sterling, the Naira depreciated against the Pound Sterling, paring the appreciation seen the previous trading session. The local currency currently trades at N274.07 to the Pound as it weakened by N0.14 from the last session. Lending rates averaged 17.94% trimming 58bps from previous level. The ease in NIBOR was partly due to the February statutory allocations which were shared among the 3-tiers government on late last week (N641bn). The overnight rate thus settled at 17.38% dipping 38bps. The longer tenured rates contracted even more with the 90day rate shedding 67bps to close at 18.13% and the 365day rate slimming 63bps to 18.67%.
Posted on: Tue, 18 Mar 2014 07:19:07 +0000
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