Dear
Afrinvestor,
Please
find below our Weekly
Update for the
week ended 6th July, 2012.
Key
Highlights: -
Macroeconomic
/Socio-Political Update
·
The
Federal Government in its bid to stop the importation of refined crude oil into
the country, achieved a significant milestone with the signing of an MOU with
Petroleum Refineries and strategic Research (PRSR) Limited to establish six
modular refineries in the coastal area of Nigeria, at a cost of US$4.5b.
·
Tiger
Brands (a South African food company) has reached an agreement in principle, to
acquire a 63.4% in Dangote flour, from the Dangote Group.
·
Globally,
equities exhibited modest performances last week.
·
The
Nigerian All-Share index continued on a bullish note last week despite opening
the week with a loss on the first trading day.
Money
Market Review & Outlook
·
There was a dearth of liquidity in the money market
last week, with all market rates closing at least 300bps north of the benchmark
interest rate.
·
We expect money market rates to remain at current levels
this week.
Foreign
Exchange Market Review & Outlook
·
The CBN offered US$650.0m but sold US$601.1m at the WDAS
last week. The Naira closed flat at N155.94/US$1.00 on Monday, while it
gained 4k to the Dollar on Wednesday to close at N155.90/US$1.00.
·
We expect the Naira to strengthen further this week, in
view of increased FDI inflows.
Bond Market Review & Outlook
·
The bond market was bullish last week with
instruments inching up in price, as their respective yields dipped.
·
We expect mixed sentiments in the market this week.
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Kind
regards,
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