Monday, 11 August 2014

FEATURE: The Hedge And Risk Financial Market Report (10)

Hey Lovelies! Still worrying about your investments and finance? Well get your fix of Today's sponsored feature, The Hedge And Risk Financial Market Report For  Friday August 8, 2014....

LOCAL NEWS 

The Federal Government is set to produce gas that will generate at least 2000 megawatts (Mw) of power to boost electricity supply. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, an industry operator said, is monitoring various gas infrastructure projects to ensure they are completed on record and put into operation to increase power supply by over 50 per cent. Mrs. Alison-Madueke, the source explained, has directed stakeholders handling various gas projects to expedite action to bring them on stream before long. “The government is working to consolidate on the gas supply expansion with an additional 500 million standard cubic feet per day of gas (mmscf/d), to support about 2000mw of power generation,” the minister said. (Source: The Nation)

MARKET UPDATES

Money Market 


With system liquidity still healthy despite settlement for Wednesday’s RDAS, NIBOR trended downwards across most maturities with the Overnight rate falling 8bps to 10.88%.
 
Fixed Income Market

Whilst system liquidity remained supportive of further demand, the T-Bill market sustained the positive momentum as further gains were recorded on traded maturities though on a milder note. With the short end of the curve still receiving the most attention given its current attractiveness relative to the longer end. We note decent gains on the short end of the yield curve following renewed demand on some maturities. Thus, we anticipate the T-Bills market will be susceptible to profit taking at the start of next week.

Sentiments were equally positive in the bond market following a series of tepid trading sessions since the start of the week. At the Monthly Bond Auction scheduled to hold Wednesday, 13th August, the Debt Management Office (DMO) would be offering NGN100 billion across 13.05% FGN AUG 2016, 14.20% FGN MAR 2024 and 12.493% FGN JUL 2034 instruments (all re-opening). We expect stop rates to hover between levels of 11.00%-12.30%.

The Nigerian Interbank FX Market

At the FX interbank market, more bullishness was on show as the USD/NGN appreciated by 10 kobo to close at NGN162.80/$.

Nigerian Stock Market Report 

Trading on the floor of the Nigerian Stock Exchange closed on a negative note on Friday, as the NSE All Share Index lost 0.03% to close at 42,598.46 points from 42,612.33 on Thursday. The market capitalization also dipped to NGN14.066 trillion from NGN14.070 trillion on Thursday.

INTERNATIONAL NEWS

The Pentagon on Friday said that U.S. jet fighters hit Islamic State artillery positions in northern Iraq on Friday, the first of what is expected to be a series of American strikes meant to halt the Sunni extremist advance on the Kurdish capital of Erbil. The strikes were the first since President Barack Obama authorized U.S. military action to target Islamic State forces advancing on Erbil, where the U.S. has diplomatic and military personnel aiding the Kurds. The U.S. has considered airstrikes before in Iraq, but backed down as the advance by Sunni militants slowed and the threat against Baghdad seemed to diminish. But the extremists have renewed their push in recent days, this time against Kurdish controlled territories.

Global Currency Update

The euro fell against the dollar Thursday morning after European Central Bank President Mario Draghi said monetary policy in the euro zone and the U.S. is on a “diverging path,” and that real interest rates would remain negative for much longer in Europe. The euro traded at $1.3357 on Thursday, down from $1.3380 late Wednesday. In other currency pairs, the British pound weakened against the greenback, closing at $1.6828 compared to Wednesday’s close of $1.6853. The dollar slipped marginally to ¥102.14 from ¥102.15 late Wednesday. 

Commodity Market

Brent crude oil fell below $105 a barrel in whipsaw trading on Friday, following U.S. air strikes in Iraq that analysts said might lower the risk of oil supply disruptions from OPEC's second-largest producer.

Gold rejected a 3-1/2 week high on Friday, settling lower fort the session, but in managed to log a weekly gain of more than 1 percent for the week as the dollar fell and equities rallied after reports of reduced tensions in the Russian-Ukraine situation.

Hope you found today's financial report somewhat useful? Have a Magnificent Monday Lovelies!

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