A Review of the Nigerian Energy Industry

Financial market update

5 October 2011, Sweetcrude, Lagos- International News
EUR – the Euro faltered, edging back towards a 10 month low as macro funds and Tokyo exporters plied pressure on the currency by taking profits after an overnight rally. European finance ministers agreed on Tuesday to safeguard their banks as doubts grew about whether a planned second bailout package for debt-ridden Greece will go ahead..

INR: the Indian rupee rose after declining for three straight sessions as worries of a spill over of the euro zone debt crisis into the region’s banking system eased somewhat, aiding the euro and domestic equities

Nigeria News
· Bonds –
Yet another bearish session yesterday though with less volatility than last week. Some resistance seen today and without any auctions this week we might see a slowdown in the upward trend in prices

· Bills – Somewhat of a change in direction in the market yesterday with some buying across the curve. Quite significant volume traded with the markets very volatile as the market grapples with the current upward trend in rates.

Money Market – OBB is holding at 11.25% today while unsecured O/N rates are also stable at 11.50%. Market is still relatively thin on liquidity and rates are not expected to drop over the next week.

Interbank/WDAS –
Hi              Low             Close             Prev.Close
     158.60/70    159.85/95     159.00/10      159.40/50

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