A Review of the Nigerian Energy Industry

Financial market update

26 August, 2011, Sweetcrude, International News

· USD: The dollar came off a two-week high against the yen on Friday, weighed down by the euro’s gains on political progress in Spain, but was seen likely to recoup losses and firm further on views the Federal Reserve will not signal strong economic stimulus.

· CHF: The Swiss franc gained ground on a softening dollar and edged higher against the euro on Friday as markets awaited a speech from U.S. Federal Reserve Chairman Ben Bernanke for signs of further measures to bolster the struggling U.S. economy.

· AUD/NZD: The Aussie dollar gained some traction on Friday as markets trimmed the risk of deep interest rate cuts following cautiously upbeat comments from Australia’s top central banker.

Nigeria News
· Bonds – Bullish day yesterday as yields dipped across the curve in a reversal of the aggressive selloff seen on Monday & Tuesday. Demand is expected to be sustained today and more downward pressure exerted on yields in the market.

· Bills – Volatile session yesterday in reaction to Wednesday’s auction results where yields went up but only by a small margin. Some buying as confidence return in the current level of rates and the very short and long dated maturities dipped around 15bps. The 91 & 182day bills closed at 7.50% and 8.58% respectively at Wednesday’s auction.

· Money Market – Unsecured O/N rates averaged 8.00% to close today.

· Interbank

Hi              Low           Close      Prev.Close
    153.80/90    153.67/77   153.70/80  154.20/30

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