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    Home » Financial market update

    Financial market update

    April 26, 2012
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    26 April 2012, Sweetcrude, Lagos – Local and international financial market update.
    NIGERIA: Nigerian inflation accelerated to 12.1 percent in March as food prices increased, adding to expectations the central bank will keep interest rates at a record.

    The inflation rate in Africa’s top oil producer climbed from 11.9 percent in February. The central bank raised its policy rate by 6 percentage points to a record 12 percent since 2010 to curb price pressures. Governor Lamido Sanusi said yesterday March inflation data was in line with the bank’s estimate, with the bank still expecting a peak of 14.5 percent in the third quarter and a gradual slowdown to below 10 percent by the end of 2013.

    EUROPE: A gauge of European bank shares climbed, with Swedbank AB jumping to its highest price in almost a month. Electrolux AB, the world’s second-biggest appliance maker, rallied 6.5 percent. Temenos Group AG (TEMN) soared 19 percent as the Swiss banking-software maker’s first-quarter sales beat estimates and it confirmed its full-year outlook.

    CHINA: Cnooc Ltd. sold $2 billion of bonds denominated in U.S. dollars in its first offering in more than a year.

    China’s biggest offshore oil and gas explorer issued $1.5 billion of 3.875 percent, 10-year notes and $500 million of 5 percent, 30-year bonds, both at a relative yield of 190 basis points more than similar-maturity Treasuries.

    Bonds – The auction cut-off rate was lower than market expectation, we however expect a light bullish run today to fill excess demand at the auction though no aggressive run is anticipated due to higher inflation rate.

    Bills – The auction cut-off came out lower late yesterday as a surprise to the market, the significant drop recorded on the 1yr tbill is related to a last minute surge in demand based on expectations of a drop in inflation rate yet to be announced at auction time, a volatile session is expected today based on different views as to reading of the inflation details and expectations of OMO auction today in the market.

    Money Market – OBB and O/N maintained at 14.00% and 14.50% respectively, cash market remains illiquid with expected outflows today and Friday to fund tbill, bond and FX auction.

    FX
                               Hi              Low          Close        Prev.Close
    USD/NGN  157.20/30  157.87/97   157.10/20    157.15/25

    NIBOR (%) LIBOR (%)

     

    O/N

     

    14.7083

     

    USD 1 month

     

    0.2388

     

    7 Day

     

    15.0000

     

    USD 2 month

     

    0.3468

     

    30 Day

     

    15.5417

     

    USD 3 month

     

    0.4659

     

    60 Day

     

    15.9167

     

    USD 4 month

     

    0.5651

     

    90 Day

     

    16.2917

     

    USD 6 month

     

    0.7294

     

    USD 12 month

     

    1.0472

     

    Y/Y Consumer Inflation March 2012 :

     

    12.10%

     

    FX Reserves: 24 April 2012 (USD bn)

     

    36.396

     

    MPR

     

    12.00%

     

    Source: FMD and CBN

     

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