Financial market update

22 February 2012, Sweetcrude, Lagos – Local and international financial market update.
NIGERIA: The CEO of the NSE, Mr. Oscar Onyema, said the Exchange’s major targets for fresh listings were major companies in the oil and gas and the telecommunications sectors of the economy. The NSE boss said that there were ongoing discussions with major stakeholders in the industry. He noted that the Exchange was in active engagements with the Bureau of Public Enterprises, which is in charge of the privatization of the power companies, to ensure that the Share Purchase Agreements should have clauses to ensure their listing on the Exchange.

EUROPE: Seven months of negotiations ended in the pre-dawn hours in Brussels with Greece winning 130 billion Euros ($172 billion) in aid it needs to avoid a March bankruptcy. Any respite may prove temporary after it signed up to a program of austerity and economic reform aimed at slashing debt to 120.5 percent of gross domestic product by 2020 from about 160 percent last year.

USA: U.S. stocks rose, sending the Standard & Poor’s 500 Index above the highest close since 2008. Seven out of 10 industries in the S&P 500 advanced as commodity producers had the biggest gain. The S&P 500 added 0.3 percent to 1,365.51 at 11:57 a.m. New York time, rising for a third day yesterday.

INDIA: Indian consumer prices rose 7.65% in January from a year earlier as the cost of milk, clothing and fuel climbed, the government said. Indian officials have called for a price gauge that better reflects the costs consumers face in Asia’s third-largest economy.

                                Hi                Low                Close           Prev.Close
USD/NGN        157.95/05     157.00/10       157.50/60       158.30/40

NIBOR(%)                            LIBOR (%)
O/N                 15.3917             USD 1 month               0.2455
7 Day               15.667              USD 2 month               0.3605
30 Day            16.1083            USD 3 month               0.4931
60 Day            16.4083            USD 6 month              0.7511
90 Day            16.7083            USD 12 month             1.0661
Y/Y Consumer Inflation January 2012:                       12.60%
FX Reserves: 13 February 2012                    (USD bn)34.930
MPR                                                                                    12.00%
Source: FMD and CBN

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