Tuesday, 22 July 2014

FEATURE: The Hedge And Risk Financial Market Report (9)

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LOCAL NEWS 

Latest data by the Central Bank of Nigeria (CBN), on Monday, shows that as of Friday, July 18, 2014, the nation’s foreign reserves increased by $1.009 billion in 18 days, at $38.49 billion compared to the level at the end of June. This represents an increase of 2.69 per cent, when reserves level stood at $37.48 billion on June 30, 2014. Compared to the level it was when Godwin Emefiele, resumed office as new CBN Governor on June 3, 2014, the nation’s reserves have appreciated by $1.732 billion or 4.71 per cent in less than two months. (Source: Daily Independent)

MARKET UPDATES

Money Market 

Following June’s FAAC (monthly statutory) inflows on Friday, NIBOR declined 14bps on the average across all maturities, with the Overnight rate down 13bps to 10.50%. 

Fixed Income Market

Largely fuelled by the improved liquidity, trading in the T-bills market sustained upbeat momentum which started last week Thursday. Though demand was observed across most maturities, the mid to long term bills appealed to most investors.
Similarly, trading remained active in the bond market with further price appreciation recorded on traded maturities.
Though system liquidity still appears supportive of further demand, we anticipate a slowdown in momentum as traders await the interest rate decision, and policy guidance from the Monetary Policy Committee (MPC) meeting which concludes on Tuesday.

The Nigerian Interbank FX Market

At the RDAS, the CBN increased dollar sales by offering $400 million, maintaining the marginal rate of NGN155.73/$. Total sales amounted to $399.010 million. Having gained 32 kobo this past week, the Naira got off to a negative start at the inter-bank market, depreciating 22 kobo to close at NGN162.20/$.

Nigerian Stock Market Report 

Trading on the floor of the Nigerian Stock Exchange closed on a negative note on Monday as the NSE All Share Index lost 0.25% to close at 42,784.33 points from 42,891.82 on Friday. The market capitalization also dropped to NGN14.127 trillion from NGN14.162 trillion on Friday.

INTERNATIONAL NEWS

Russia is defying international pressure to drop its support for separatists in eastern Ukraine following the shooting down of a Malaysia Airlines passenger jet – instead advancing its own narrative suggesting the rebels may be innocent and laying blame for the tragedy on the Ukrainian military. Canada announced a fresh round of sanctions against Russia on Monday, and U.S. President Barack Obama called for Moscow to “pivot away” from the insurgency in Ukraine. But Russian President Vladimir Putin showed no signs of blinking. The Kremlin made a point of announcing that Mr. Putin will convene his Security Council, which includes Russia’s military chiefs, on Tuesday.

Global Currency Update

The dollar was strong against most major currencies Monday as the effects of turmoil in Ukraine, Gaza and Iraq continue to buttress the price of the haven currency against the effects of weak U.S. housing starts data from last week, and doubts that the Federal Reserve will raise interest rates earlier than mid-2015. The yen reversed earlier gains against most major currencies, with the dollar buying at ¥101.44 from ¥101.33 late Friday. In other currency crosses, the euro fell against the dollar to $1.3522 from $1.3526 on Friday. The pound also declined, trading at $1.7068, down from $1.7088. 

Commodity Market

Crude-oil futures on Monday rose to their highest in nearly three weeks on ongoing geopolitical concerns and as Libya announced a drop in its production.

Gold steadied above the $1,300 an ounce support level on Monday, aided by anticipation of increased geopolitical risks as the United States began demanding answers from Russia after a Malaysian plane was downed in eastern Ukraine.

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