A Review of the Nigerian Energy Industry

Financial market update

9 September, 2011, Sweetcrude, Lagos- International News
· EUR: The euro was off a two-month low against dollar on Friday but the risk of a break below its July trough is seen rising after a deepening debt crisis forced the European Central Bank to drop its tightening policy bias, a key driver in the euro’s rally earlier this year.

· AUD/NZD: The Australian and New Zealand dollars rallied to one-month highs against a depressed euro on Friday and edged up on the dollar after markets reacted coolly to President Barrack Obama’s ambitious $447 billion job package.

· CHF: The Swiss franc rose against the dollar and the euro on Friday after a jobs package announced by the U.S. President Obama failed to ease recession worries, though gains were contained as investors balked at taking on the Swiss National Bank.

Nigeria News
· Bonds –
Activity in the bond market continues to be quite patchy, with no particular trading direction and volumes continuing to be low with bursts of volatility intraday. The bond auctions come up next week as does the expectation of the inflation figure and the MPC the week after and so we could possibly see any of these add some stimulus to the markets.

· Bills – With the auction closing relatively flat, activity in the market was muted yesterday. The CBN however came into the market with a N100bn 7-day OMO offering which took out most of the idle liquidity.

· Money Market – Unsecured O/N rates went up 175bps to close at 10.50% as liquidity thinned out. The CBN also took out N100bio of the liquidity with a 7 day OMO offering.

· Interbank/WDAS

Hi Low Close Prev.Close
156.70/80 156.00/10 155.50/60 156.10/20

In this article

Join the Conversation