In line with the Federal Government’s efforts at diversifying the economy, the Nigerian Export Promotion Council (NEPC) said 11 more products had been added to the non-oil products that the country exported to the global market between 2013 and now. The new products, according to the NEPC, are educational books, robusta coffee, double folded dust sheets, ice making machine, mica muscovite and leather furniture.
Others are high density polyethylene, aluminum ingots, reduced iron and iron pellets, garments and yam. The primary markets and destinations for the products are Sierra Leone, Spain, the United Kingdom, Ghana, India, Republic of Benin, Japan, Bulgaria and the United States, while high density polyethylene is exported to the Economic Community of West African States member countries. (Source: Punch)
Following the improved system liquidity on the back of Thursday’s Cash Reserve Requirement (CRR) credit of NGN97 billion, interbank rates declined further across all tenors, with the exception of the Overnight rate which remained flat at 10.50%.
Fixed Income Market
Replicating Thursday’s sentiments, yields in the T-bills market traded mixed for the third consecutive day.
In the bond market, although trading was generally lukewarm with most maturities trading flat, demand interest tilted towards the 13.05% FGN AUG 2016 instrument which saw its yield decline 11 basis points to close at 11.25%.
The Nigerian Interbank FX Market
Activity levels in the FX interbank market remained flat on Friday. At the end of the trading session, the Naira closed at NGN162.75, its closing on Thursday. The currency pair is likely to remain around NGN162/$ levels as the market anticipates dollar inflows from the state-owned NNPC.
Nigerian Stock Market Report
The Nigerian Stock Exchange closed on a positive note on Friday with the market capitalization of the listed equities rising by NGN113 billion or 0.80% to close at 14.208 trillion. At the same time, the NSE All-Share Index gained 0.80% or 344.95 basis points to reach a new high of 43,031.81 basis points.
Global economic activity should strengthen in the second half of 2014 (H2 2014) and accelerate in 2015, although momentum could be weaker than expected, International Monetary Fund (IMF) chief Christine Lagarde said hinting at a slight cut in Fund growth forecasts.
GLOBAL CURRENCY UPDATE
The dollar struggled to make more headway on Friday after a jump in U.S. job creation left stock markets in optimistic mood but did not convince traders it would be a trigger for the U.S. Federal Reserve to move toward higher interest rates. The dollar closed at ¥102.12 on Friday from ¥102.20 late Thursday. The euro sank to $1.3588 against the dollar from $1.3609 late Thursday. In other trades the British pound rose to $1.7160 from $1.7151 late Thursday, while the Australian dollar closed at 0.9365 U.S. cents from 0.9347 in the previous session.
Oil dipped on Friday with Brent futures dropping below $111 a barrel on the prospect of revived Libyan exports and more U.S. crude soon finding its way to refiners, but losses were tempered by economic data pointing to a stronger demand outlook.
Gold edged up on Friday, gaining support from mixed European shares, but remained vulnerable after strong U.S. jobs data lifted the dollar, denting gold's investment appeal.
Hope you found today's financial report useful. Enjoy The Rest Of Your Evening Lovelies! Muaah!