Financial market update

13 September, 2011, Sweetcrude, Lagos- International News
. EUR – The euro fell to session lows versus the dollar as traders cited a media report weighing on the common currency, suggesting china may not agree to Italy’s request to buy its sovereign paper

. ZAR: South Africa’s rand steadied against the dollar after falling more than 2.6 percent overnight, while bonds also recouped some losses although local assets remained vulnerable to renewed global risk aversion

. GBP: Sterling fell to a 7-1/2 month low versus the dollar as worries about contagion from the euro zone debt crisis boosted demand for the greenback

Nigeria News
· Bonds –
Some buying in early trading though that was followed by a light sell off towards the close. Markets continue to trade a very tight range as has been the trend over the last month for the most part. The monthly auction comes up on Wednesday, the inflation data is expected out Thurs/Fri and the MPC sits on the 19th so we will likely see some stimulus into the market from any or all of these events.

· Bills – A light sell off in early trading leading to rates up around 18bps on average. The short dated bills are very volatile at the moment with most of the idle liquidity filtering into the very short end

· Money Market – OBB averaged 10.50% while unsecured O/N rates are up another 25bps to close at 11.00% ”

· Interbank/WDAS – CBN Offered and Sold $ 350, total demand was $ 362.74 with the lowest intervention rate as $/NGN 154.8027 (inc. The 1% commission) showing 11 points depreciation against the previous auction.

Hi              Low              Close           Prev.Close
155.05/15    154.80/90    155.35/45       155.05/15

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