Financial market products & services update

*Financial market.

*Financial market.

07 March 2016, Sweetcrude, Lagos — Local and international financial market products and services update.
NIGERIA: Companies quoted on the Nigerian Stock Exchange (NSE) have 19 working days to submit their audited report and accounts for the past business year to the regulators and the investing public.
Post-listing rules at the NSE require quoted companies to submit their earnings reports, not later than three months after the expiration of the business period.
Most quoted companies, including banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year, which terminates on December 31.
The NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year is Thursday, March 31, 2016.

FIXED INCOME: OMO auction announcement on Friday caused yields to adjust upwards. T-Bill yields moved +21bps and this in turn also impacted the April 2017s negatively (moved +55bps to close at 9.97%). Feb 2020s remains the outperformer because from next quarter there is no expectation for this bond to be re-tapped. Bond auction circular expected this week.

FX: The CBN weekly special auction for last week held on Thursday and the intervention rate at $/NGN 197.00.

CHINA: Chinese regulators plan to impose new rules to end the practice of homebuyers taking out loans to cover down payments, as they step up scrutiny of financing risk in the property market, according to people familiar with the matter.
The rules will bar lenders including developers, housing agencies, small-loan companies and peer-to-peer networks from offering loans for down payments, said the people, who asked not to be named because the matter isn’t yet public. Regulators including the central bank and the China Banking Regulatory Commission will also ask commercial banks to scrutinize mortgage applications and reject those where down-payments come from loans offered by such institutions, the people said.

U.K: The director-general of the British Chambers of Commerce, John Longworth, has resigned after being suspended for saying the UK’s long-term prospects could be “brighter” outside the EU.
The BCC said Mr Longworth had accepted his support for leaving the EU was “likely to create confusion”. He revealed his support for “Brexit” at the BCC annual conference on Thursday.
His resignation was the “right thing to do”, the boss of one of the UK’s largest chambers of commerce said.

COMMODITIES: Oil extended gains above $36 a barrel as U.S. drillers reduced the number of active rigs to the least in more than six years amid a global glut.
Futures rose as much as 2.2% in New York and crude in London extended its longest rally since November. Rigs targeting oil fell by 8 to 392, declining for an 11th week to the lowest level since December 2009, according to Baker Hughes Inc. Hedge funds unwound bearish bets at the fastest pace in 10 months, U.S. Commodity Futures Trading Commission data showed, as the prospect of prices sinking to $20 faded.

Macro Economic Indicators
Inflation rate (Y-o-Y) for January 2016              9.62%
Monetary Policy Rate current                              11.00%
FX Reserves (Bn $) as at March 03, 2016         27.820

Money Market Highlights
NIBOR (%)

O/N                                  3.2917
30 Day                             7.4134
90 Day                             8.9350
180 Day                          10.5720
LIBOR (%)
USD 1 Month                 0.4380
USD 2 Months               0.5232
USD 3 Months               0.6335
USD 6 Months               0.8920

Benchmark Yields
Tenor      Maturity      Yield (%)

91d             02-June-16      4.61
182d           01-Sep-16         7.67
364d          16-Feb-17          8.63
2y               31-Aug-17          9.99
3y               30-May-18        10.16
5y               13-Feb-20          11.25

Indicative Currency Exchange Rates
Bid         Offer

USDNGN        197.00       199.50
EURUSD         1.0853       1.1055
GBPUSD         1.4057        1.4259
USDJPY          113.60        113.62
USDCHF         0.99415     1.0043
GBPEUR          1.2823      1.3027
USDZAR          15.2474    15.4527
JPYNGN          173.9797   174.0803
CHFNGN         198.56       200.25
EURNGN         215.62       216.98
GBPNGN         276.29       277.69
ZARNGN         11.71           13.64

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