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The Review Of Forex, Money, Stock And Commodities Markets by Nobody: 6:48pm On Aug 07, 2017 |
The Forex Market At the parallel market, the naira: · Appreciated by 1.10% during the review period to close at N 363/$ on Augst 2nd, from N 367/$ on July 18th. · Depreciated by 0.42% against the pound to close at N475/£ on August 2nd, from 473/£ on July 18th. At the interbank market, the naira gained 3.07%, closing at N306.10/$ on August 2nd, from N315.50/$ on July 18th. The IEFX rate depreciated by 1.33% to N368.50 /$ within the review period. · Turnover for the period totaled $2.19bn. External reserves gained 0.9% ($280m) during the period, to close at $30.77bn on July 28th. · The import cover rose to 6.89 months from 6.8 months on July 18th. · We expect the reserves level to continue to record marginal gains as oil price stays above $50pb. The Money Market Short-term interbank interest rates (OBB/ON) rose sharply by 1467bps and 1450bps respectively. · OBB: 20.17% · O/N: 19.67% · An outflow of N200-300bn in stabilization securities mopped up market liquidity. Yields on T-bills investments in the primary market have decreased during the period. 91-day: 13.89%; 182-day: 19.05% · Rates have decreased by 0.10% (avg) so far in July. The Stock Market The Nigerian Stock Exchange All Share Index (NSE ASI) market gained 10.37% to 36,905.06 pts on August 2nd compared to 33,436.61 pts on July 18th. The stock exchange maintained a bullish streak for 16 days straight, to reach a 3- year high of 37,245.17 on July 27th. · Before falling to 35,844on July 31st. Total market capitalization closed at N12.72trn on August 2nd, 10.41% higher than N11.52trn on July 18th. The Commodities Market Brent crude price gained 5.4% to $51.43pb on August 2nd, from $48.84pb on July 18th. · The rise in price was driven by expectations of a cut in oil exports from the OPEC defacto leader, Saudi Arabia. · Global prices are also responding to the tightening in the US oil market as inventories fall and rig additions slow. · OPEC will meet with its members in August 7-8, to discuss compliance levels. Natural gas lost 8.44% to close at $2.82/mmbtu from $3.08/mmbtu on July 18th. · LNG global exports rose to record high in the week during the period. Wheat prices lost 8.54% to $4.60/bushel from $5.03/bushel. · Ample supply in other producing regions has offset the effect of the US drought. Corn price also closed higher by 0.7% to $3.80/bushel from $3.77/bushel · Forecasts show that EU corn harvest is expected to fall in 2017-18. Sugar prices up 6.02% to $0.1495/pound from $0.1410/pound in the review period. · Due to robust demand from ice-cream and soft drink makers as summer season peaks. Cocoa prices closed higher by 8% to $2,064/mt from $1,911/mt in the review period. · The gain was driven by increased demand as the commodity broke past the $2000/mt threshold. SOURCE: https://brandspurng.com/the-review-of-forex-money-stock-and-commodities-markets/
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Re: The Review Of Forex, Money, Stock And Commodities Markets by froz(m): 7:14am On Aug 08, 2017 |
booked |
Re: The Review Of Forex, Money, Stock And Commodities Markets by Nobody: 6:46am On Aug 09, 2017 |
Good analysis |
Re: The Review Of Forex, Money, Stock And Commodities Markets by rodeo0070(m): 9:01am On Aug 09, 2017 |
Cool |
(1) (Reply)
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