Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Financial market update

    Financial market update

    April 27, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    27 April 2012, Sweetcrude, Lagos – Local and international financial market update.
    NIGERIA: The naira retreated against the dollar on Thursday after Central Bank of Nigeria Governor Lamido Sanusi said an increase in March inflation was within estimates, adding to speculation that rates will be kept on hold. Inflation accelerated to 12.1% in March as food prices increased, the National Bureau of Statistics said on Wednesday. Sanusi said the March inflation data were in line with the bank’s estimate, with the bank still expecting a peak of 14.5% in the third quarter and a gradual slowdown to below 10% by the end of 2013.

    EUROPE: Economic confidence in the euro region declined more than economists had forecast in April, as the region’s slump showed signs of deepening. An index of executive and consumer sentiment in the 17- nation euro area fell to 92.8 from a revised 94.5 in March, the European Commission in Brussels said yesterday. Economists had forecast a drop to 94.2 from a previously reported 94.4, the median of 29 estimates in a Bloomberg News survey showed. Europe’s economy is faltering as spending cuts across the region undermine hiring and consumer confidence.

    INDIA: Indian stocks fell for the second day as concerns agencies will cut the nation’s sovereign credit rating outweighed optimism on the U.S. economy. The BSE India Sensitive Index, fell 0.1 percent to 17,130.67 at close yesterday. Standard & Poor’s cut India’s credit outlook to negative from stable on Wednesday, citing slowing economic growth and a widening current-account deficit.

    CHINA: China’s economy expanded at the slowest pace in almost three years last quarter, increasing pressure on Premier Wen Jiabao to ease monetary policy. The central bank in February reduced lenders’ reserve requirements for the second time in three months to spur credit expansion and bolster economic growth without triggering gains in consumer and property prices.

    Bonds – Stable session in the bond market on Thursday, the yield curve traded relatively flat as no buying interest was seen in the market. Traders remain cautious reacting to inflation news and increasing uncertainty on the pricing of the source bonds required for the destination bonds in the bond switching exercise in the coming weeks.

    Bills – A massive rally recorded in the bills market yesterday, yields dipped 50 – 70bps across all tradable maturities defying all caution expected from higher YOY inflation rate released on Wednesday. Excess demand at Wednesday’s auction filtered into the secondary market on Thursday marked by an all-bullish session.

    Money Market – OBB and O/N off 50bps 13.50% and 14.00% respectively, this is due to excess net inflow of ngn40 bio from a maturing t-bill yesterday after funding for Wednesday’s auction.

    FX
                               Hi             Low         Close       Prev.Close
    USD/NGN  157.45/55   157.15/25  157.37/47   157.15/25

    NIBOR (%)LIBOR (%)

     

    O/N

     

    14.1250

     

    USD 1 month

     

    0.2388

     

    7 Day

     

    14.4167

     

    USD 2 month

     

    0.3468

     

    30 Day

     

    15.0833

     

    USD 3 month

     

    0.4659

     

    60 Day

     

    15.3750

     

    USD 4 month

     

    0.5651

     

    90 Day

     

    15.6667

     

    USD 6 month

     

    0.7284

     

    USD 12 month

     

    1.0472

     

    Y/Y Consumer Inflation March 2012 :

     

    12.10%

     

    FX Reserves: 25 April 2012 (USD bn)

     

    36.438

     

    MPR

     

    12.00%

     

    Source: FMD and CBN

     

    Related News

    Kwairanga reiterates NGX’s commitment to deepening Nigeria’s capital market

    African Union agency says Fitch’s downgrade of Afreximbank is ‘flawed’

    Indonesia eyes Nigeria for trade, investment expansion

    E-book
    Resilience Exhibition

    Latest News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.