26 September, 2011, Sweetcrude, Lagos-
International News
. EUR – The Euro dropped sharply, moving towards an eight-month low, as riskier assets were hammered across the board with markets waiting for more details on fresh efforts from European officials to tackle the debt crisis there.
. INR: the Indian Rupee dropped tracking losses in most other Asian peers and the euro with a choppy start to the domestic share-market also adding to the downward pressure.
. ZAR: South Africa’s rand fell as much as 2% against the dollar, hit by persistent debt concerns in the euro zone. The Rand weakened to a session low of 8.29/dollar and was at 8.26 by 0614 GMT, down 1.72% from Friday’s close of 8.12
Nigeria News
· Bonds – Bearish sentiment on Friday, volumes are low and trading largely patchy. Though there was some selling on the short end, we will likely see a sharp reversal should some liquidity hit the system. In the interim, we might see some light selling.
· Bills – with liquidity still very thin, markets were bearish on Friday. The 91-day and below bills went up about 50bps, the 182 day range went up about 25bps and the close to one year around 20bps. We will likely continue to see the bearish trend until the FAAC funds come in.
· Money Market – I OBB continued to hold stable at 11.25% while unsecured O/N rates went up to 11.75%. though FAAC has been approved, it still hasn’t hit the system yet
· Interbank/WDAS –
Fx
Hi Low Close Prev.Close
USD/NGN 157.30/40 156.00/10 156.55/65 157.25/35
