16 August 2013, Sweetcrude, Lagos – Local and international financial market products and services update.
US: The Bloomberg U.S. Dollar Index was up 0.1 percent and has gained 0.4 percent since August 9 on signs of an improvement in the U.S. economy.
EUROPE: European stocks fell after the Stoxx Europe 600 Index dropped the most in more than five weeks yesterday, as investors await reports on the U.S. housing market.
CHINA: China’s stock market was roiled by a 53 percent surge in trading volumes that sent the Shanghai Composite Index to its biggest intraday gain since March 2009.
BONDS: Volatile day yesterday post bond auction, yields initially dipped in the opening hour however market sold to close the day with yields closing higher than the open. The selloff to close came as some market participants feared some measures by the CBN to squeeze liquidity in order to protect the USDNGN coming soon.
BILLS: A slowdown in the bullish trend in the bill market, rates still traded downward yesterday and averaged 10bps. Unless there is an increase in supply through OMOs or the CBN comes out to further squeeze liquidity, we are unlikely to see any retracement in bill rates short term.
MONEY MARKET: OBB and unsecured O/N rates averaging 14.00%, the market was short, liquidity opening down N13billion yesterday.
Indicative Currency Exchange Rates
EURUSD 1.3338 1.3388
GBPUSD 1.5629 1.5679
USDJPY 97.48 97.88
USDCHF 0.9264 0.9294
GBPEUR 1.1718 1.1728
USDZAR 9.9781 10.1281
USDNGN 160.80 161.55
JPYNGN 1.6496 1.6996
CHFNGN 173.58 177.58
EURNGN 214.48 218.48
GBPNGN 251.31 255.31
ZARNGN 16.12 18.12
WTI traded near the highest price in two weeks as an escalating conflict in Egypt fanned concern that oil shipments through the country may be disrupted. WTI for September delivery was at $107.32 a barrel in electronic trading on the New York Mercantile Exchange, down 1 cent. The volume of all futures traded was 27 percent below the 100-day average.
NIBOR (%) LIBOR (%)
O/N 18.0417 USD 1 month 0.1841
7 Day 18.0417 USD 2 month 0.2262
30 Day 18.2917 USD 3 month 0.2632
60 Day 18.5833 USD 6 month 0.3945
90 Day 18.8167 USD 12 month 0.6776
Y/Y Consumer Inflation June 2013 : 8.4%
FX Reserves: 17 July 2013 (USD bn) 46.923
Source: Reuters, Bloomberg, Central Bank of Nigeria, Financial Market Dealers Association Standard Chartered Bank Nigeria.
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USD/NGN 161.30/40 160.93/103 161.20/30 160.90/100