Financial market update

23 August, 2011, Sweetcrude – International News
· EUR:
The euro rose to a session high against the dollar on Tuesday, boosted by a stronger-than-expected reading of German manufacturing activity.

· CHF:
Swiss exports to the European Union fell 3.3 percent year-on-year in July, adding to worries over the impact of the strong franc currency, although those to its largest trading partner Germany jumped by 9 percent.

· CNY:
The yuan edged up against the dollar on Tuesday but failed to make gain significantly as the People’s Bank of China fixed its mid-point only marginally stronger, keeping the currency moving around 6.4 to the dollar.

Nigeria News
· Bonds –
Bearish Market yesterday with yields up all across the curve, pockets of demand filtered in towards the close and we expect offshore interest to become heightened on the back of this.

· Bills –
The CBN came out again yesterday to mop up liquidity by offering bills this time with 10days to maturity, a re-opening of the bills issued as 14 day bills last week. They sold N49bio at 8.60%. The CBN appears to be changing strategy and coming in to mop liquidity but at the very short end.

· Money Market –
Unsecured O/N rates are averaging 8.50% with the CBN coming in to mop up the excess.

· Interbank/WDAS –
$400m was offered and sold at yesterday’s WDAS auction with demand at $562.05m. CBN intervened at $/NGN153.3685.

Hi Low Close Prev.Close
155.95/05 153.65/75 155.87/97 153.59/69

< Previous Article
Financial market update
About the Author