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    Home » Financial market update

    Financial market update

    March 13, 2013
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    13 March 2013, Sweetcrude, Lagos – Local and international financial market update.
    NIGERIA: Nigeria external trade value for the fourth quarter 2012 stood at N7,185.8 billion, the National Bureau of Statistics (NBS) report shows. The report released on Monday by the NBS revealed a slight increase of N6.4billion representing 0.1 percent over the previous quarter putting the external trade at the end of 2012 at N 28,071.2 billion. The value of export increased from N19,440.4 billion in 2011 to N 22,446.3 billion in 2012.

    EUROPE: European Union Trade Commissioner Karel De Gucht asked for a mandate to negotiate a free trade accord with the U.S. that the EU says would add more than 86 billion euros ($112 billion) a year to the bloc’s economy. EU governments must approve De Gucht’s request, the first formal step in the process for beginning negotiations on an agreement to broaden the world’s largest economic relationship.

    INDIA: Indian stocks fell the most in two weeks amid concerns an inflation report may limit the central bank’s scope to cut interest rates at a meeting next week. The S&P BSE Sensex index dropped 0.4 percent to 19,481.85 at 12:02 p.m. in Mumbai. Consumer-price inflation accelerated 10.9 percent from a year ago in February, data showed yesterday. The government may report tomorrow that wholesale prices climbed 6.6 percent last month, compared with 6.62 percent in January, according to a Bloomberg survey.

    CHINA: China’s new leaders may further loosen interest-rate controls this year while allowing limited changes to one-child and household-registration policies that threaten to restrain growth, a survey of analysts shows. Twelve of 16 analysts expect China to relax or remove the cap on deposit rates or the floor on lending rates, according to a Bloomberg News survey conducted ahead of Xi Jinping’s appointment as president tomorrow.

    Bonds – Volatile session yesterday ahead of today’s auction. Market opened bullish on Tuesday but sold off to close as the market aims to position ahead of the auction today where there is a great deal of uncertainty.

    Bills – Relatively quiet session yesterday, some light demand feeding into the market but nothing significant and no interest yesterday seen on the longer dated maturities.

    Money Market – OBB and unsecured O/N rates up to 10.50% and 10.75% on Tuesday as liquidity begins to thin out slowly.

    Indicative Currency Exchange Rates
    Bid              Offer

    EURUSD        1.3060            1.3070
    GBPUSD         1.4953            1.4963
    USDJPY           95.50              95.90
    USDCHF         0.9434           0.9454
    GBPEUR          1.1448           1.1458
    USDZAR          9.1361            9.2361
    USDNGN         157.95            158.70
    JPYNGN          1.6539            1.7039
    CHFNGN         167.43            171.43
    EURNGN         206.28           210.28
    GBPNGN          236.18           240.18
    ZARNGN           17.29              19.29

    Commodities
    West Texas Intermediate advanced, narrowing its discount to Brent crude to the lowest level in more than five weeks, as the euro trimmed losses against the dollar and OPEC increased production. WTI for April delivery gained 48 cents, or 0.5 per cent, to settle at $92.54 a barrel on the New York Mercantile Exchange.

    Interest rates
    NIBOR (%)                     LIBOR (%)

    O/N              10.7917          USD 1 month               0.2032
    7 Day            11.0417          USD 2 month               0.2415
    30 Day         11.3333          USD 3 month               0.2811
    60 Day         11.6250          USD 4 month              0.3331
    90 Day         11.8333          USD 6 month              0.4459
    USD 12 month            0.7305
    Y/Y Consumer Inflation January 2013 :             9.00%
    FX Reserves: 4 March 2013 (USD bn)                47.563
    MPR                                                                            12.00%
    Source: Reuters, Bloomberg, Central Bank of Nigeria, Financial Market Dealers Association Standard Chartered Bank Nigeria.

    Fx
    Hi               Low           Close         Prev.Close
    USD/NGN
       158.46/56    158.25/35    158.42/52    158.25/35

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