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

    November 26, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    26 November 2012, Sweetcrude, Lagos – Local and international financial market update.
    Nigeria – Lagos State issued N80billion in a seven year bond with a coupon of 14.50% on Thursday making it the largest ever subnational bond ever issued in Nigeria and represents the first tranche, under its N167.5 billion debt issuance between now and 2019. it is also the fourth time the state is raising funds via bond issuance to drive its infrastructural development. The funds are expected to be deployed to complete the Lagos-Badagry 10 lane road and the Lagos light rail project.

    Europe – Euro area finance ministers try for the third time this month to clear an aid payment to Greece and forge a blueprint to keep the toucty a solvent member of the currency bloc. The ECB gave leaders more time with its September pledge to purchase sovereign debt. As officials put finishing touches on a bail out for Cyprus, divisions were on display in Spain.

    China – China’s wage gains have moderated on weaker corporate profits, capping consumer demand as the government seeks to sustain a rebound after a seven quarter economic slowdown.

    The rupee halted a four day decline after top government officials pledged to narrow the nation’s budget deficit. Finance Minister Palaniappan Chidambaram said on Nov. 24 that he’s optimistic the shortfall will amount to 5.3% of GDP for the 12 months through March, compared with 5.8% last year.

    Bonds – A very quiet trading session with continued profit taking sentient. It is not impossible that we see a retracement this week as some demand will likely feed into the markets today.

    Bills – Market rallied on Friday. A lot of players who missed out on the primary auction and at the OMO auctions and so they hit the market hard. The last one year bill sold on Wednesday was listed on Friday and it came off 96 bps to close as there was significant demand on this bill that was lost at the auction.

    Money Market – OBB and unsecured O/N rates inched up slightly to close at 10.25% & 10.50%, as liquidity levels drop on the back of funding for the Bond & T-Bill primary auctions as well as the OMO auctions which also reduced the liquidity in the system.

    Indicative Currency Exchange Rates
                               Bid           Offer
    EURUSD         1.2958          1.2968
    GBPUSD          1.6021          1.6031
    USDJPY          82.31             82.71
    USDCHF          0.9290        0.9310
    GBPEUR         1.2363           1.2373
    USDZAR          8.8827         8.9827
    USDNGN        157.40           157.90
    JPYNGN          1.9123           1.9623
    CHFNGN         169.43           173.43
    EURNGN         203.96         207.96
    GBPNGN          252.17          256.17
    ZARNGN          17.72             19.72

    Commodities
    Oil has the biggest weekly gain amidst an unexpected rise in German Business confidence in November. WTI rose $0.90 to $88.28/bbl, while Brent increased $0.83 to $111.38/bbl, with WTI-Brent benchmark premium hovering at $23.10.

    Interest rates
    NIBOR (%)                      LIBOR (%)
    O/N                10.5833        USD 1 month             0.2085
    7 Day              10.9583        USD 2 month             0.2570
    30 Day            11.7917         USD 3 month             0.3115
    60 Day           12.1250         USD 6 month             0.5270
    90 Day           15.5417          USD 12 month           0.8590
    Y/Y Consumer Inflation October 2012 :                 11.70%
    FX Reserves: 21 November 2012 (USD bn)           43.88
    MPR                                                                                12.00%
    Source: Reuters Guardian, Bloomberg, Central Bank of Nigeria,
    Financial Market Dealers Association Standard Chartered Bank Nigeria

    Fx
                               Hi              Low           Close     Prev.Close
    USD/NGN  157.70/80  157.40/50  157.65/75  157.45/55

    Related News

    Kenya central bank lowers 2026 growth forecast to 5.4%

    FG to train 100,000 youths annually in forex trading

    Cross River targets revenue, investment boost with nine new laws

    E-book
    Resilience Exhibition

    Latest News

    Developers to add 18.7 GW of natural gas-fired capacity by 2028, EIA says

    June 12, 2025

    US crude stocks fall, gasoline and distillate inventories rise as refining activity increases, EIA says

    June 12, 2025

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 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.