A Review of the Nigerian Energy Industry

Financial market update – 21072011

International News

EUR: The euro edged up against the dollar on Thursday after Germany and France agreed on a joint position for bailing out Greece, stoking hopes for real progress at the coming European summit after an array of false starts.

AUD: The Australian dollar skidded after a measure of China’s industrial activity dropped by more than expected, rekindling worries of a hard economic landing for Australia’s top trading partner.

CHF: The Swiss franc fell against the euro on Thursday helped by news of a France-Germany accord on Greece’s debt crisis ahead of a European summit.

Nigeria News

Bonds – Today’s session recorded a selloff across the yield curve as no buying interest was seen in the market, this was largely due to diverse views in the market on expected cut-off rates at today’s auction and profit taking across the yield curve, results are yet to be announced but will surely chart the direction of the yield curve into the coming week.

Bills – Market was bearish in a profit-taking session yesterday, coming after an uninterrupted bullish run in the last two-weeks which has pushed yields to record low levels this year. Market is expected to tread cautiously in anticipation of an expected rate decision at next week’s MPC meeting.

Money Market – Unsecured O/N rates at 9.00%.

Interbank/WDAS – $250M was offered and sold at yesterday’s WDAS auction with demand at $361.75m. CBN intervened at $/NGN151.6111. $15.26m & $1.54m was demanded and sold at the 1mth and 2mth fwd auctions respectively and closing at 1.0000 and 2.4000 points respectively.

Hi Low Close Pre.Close
USD/NGN 152.20/30 151.94/04 152.08/18 152.00/10

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