30 January 2013, Sweetcrude, Lagos – Local and international financial market update
NIGERIA: Nigeria on Tuesday said it would at the end of January 2013 launch a road map for the minerals sector to attract more investors in the industry. A statement from the ministry of mine in Abuja said the exploration and exploitation of Nigeria’s solid minerals resources is important component of a diversified economy. According to the statement, when implemented it will assist the sector to contribute at least 10 percent to the nation’s GDP by 2020 and create about three million jobs by 2015.
EUROPE: European stock futures were little changed before a report that may show the U.S. economy grew in the fourth quarter at the weakest pace in almost two years. Futures on the Euro Stoxx 50 Index slipped less than 0.1 percent to 2,749 at 7:13 a.m. in London.
INDIA: Indian stocks gained for the first time in three days, led by energy companies and metal producers. The BSE India Sensitive Index, or Sensex, increased 0.1 percent to 20,018.62 at 11:26 a.m. in Mumbai, with volumes on the gauge 3 percent higher than the 30-day average for this time of the day.
CHINA: Chinese stocks rose, led by property companies and brokerages, as the Shanghai Composite Index extended its bull-market rally. The Shanghai Composite rose 1 percent to 2,382.48, its highest close since May 30. The index has climbed 22 percent since Dec. 3, signaling a bull market to some investors.
Bonds – The market continued to trade relatively quietly on Tuesday, with yields inching downward across board. Yields expected to continue the downward trend over the next few weeks.
Bills – A slowdown yesterday in the markets as liquidity levels dip. Still some demand feeding into the markets though rates didn’t dip as aggressively. Rates on the short end going up as market players sell in anticipation of more short term OMO issuance.
Money Market – OBB and unsecured O/N rates still moving upward closing today at 12.25% and 12.50% as liquidity levels thin out.
Indicative Currency Exchange Rates
EURUSD 1.3509 1.3519
GBPUSD 1.5754 1.5764
USDJPY 90.95 91.35
USDCHF 0.9214 0.9234
GBPEUR 1.1660 1.1670
USDZAR 9.0105 9.1105
USDNGN 156.75 157.50
JPYNGN 1.7235 1.7735
CHFNGN 170.12 174.12
EURNGN 211.75 215.75
GBPNGN 246.94 250.94
ZARNGN 17.40 19.40
Oil traded near the highest level in four months before a Federal Reserve policy statement that may signal the central bank will keep adding economic stimulus in the U.S., the world’s biggest crude user. Brent for March settlement rose 6 cents to $114.42 a barrel on the Londonbased ICE Futures Europe exchange.
NIBOR (%) LIBOR (%)
O/N 13.1667 USD 1 month 0.2017
7 Day 13.5000 USD 2 month 0.2465
30 Day 13.8750 USD 3 month 0.3005
60 Day 14.2083 USD 4 month 0.3501
90 Day 14.5000 USD 6 month 0.4758
USD 12 month 0.7955
Y/Y Consumer Inflation December 2012 : 12.00%
FX Reserves: 23 January 2013 (USD bn) 45.425
Source: Reuters, Bloomberg, Central Bank of Nigeria, Financial Market
Dealers Association Standard Chartered Bank Nigeria
Hi Low Close Prev./Close
USD/NGN 157.20/30 156.95/05 157.10/20 157.05/15