MAllET REPORT 60 B~SINESSDAY:
www.businessdayon line.com
Monday 19 November 2012
-.
"'" """" """"
..."
14.4S ..""
14-«)1.
"""""EM
"""'"
' - "-'
""". "'" ,." "'" ." "'" " ~"
464500 GWOSMnH COHO<
1<~
UJ'
4D.8S
-2.15
1100
..j).4l
1715 1142
Capital Market
Commodity Market
Forex: Naira gains 1.35% at interbank
Oil rises on concern over Middle East Aynn, senior market analyst at the Price Fu tures Group in
Otkago. !he oombs continue 10 I1y ami people an> going to dUnk twice about
(Nl IJOR) for Cau money, 7 d"l)'S and 30 days mon-
ey wt!nl up las! Friday 85 a.gnlnst the preced.1.ng day's
levd while rotes for 60 days. 90 days. ISO dal's, and 365
Ihc_
IHEAHYI NWAOiUKWU .
~ ""'" "'" ~
this year; .. IDe
_In"""""
wHnt.'tI l35 l~t
~ Ibe lklIbl:
....
UJsI: Fritby. in this scgmcnI of dJe foreign ez-
....." ("'""') '""""'-
"ilich opelM!d the year at 160..6625 per dollar w.M hidl'!d lOr N 158.4 per dol\aI" buI was ofbed aI. NIS8.5
,....-
Commodity
N. the Bure-dU d e QlaIlge niadzt for forcx. naira which trnded agninsl the dollar al Nl62..5 at the beginning olthls yearv.'a5 bided £01" N 158 but was o Ha-ed al NI59.7; thereby gaining 1.72 pen:ent since this year: Our check In the paraDe! m..-.rlcet shaws that L1lls seg.ncflt of tile forcx market has seen naira gain 2.15 percent this year: '[he local currency wbich Iddted off this)-ear at 163 against a dollar bided for N 158 per dollar Inst Frklify but Wil5 offered at NI59.5.
me
AI the Wholesale Dutch Auction System (WDAS) WI official JrulJki!1 opernted and supervised by lite rrnde
and exchange department of the Centrnl Bank of Nigeria (CBN) $200milliOll were offered for sale on November 14, and same amount
-
was sold; also in the same was offered fof sale as ill Nm"el1lber 12,. and SiUne amount
1l\8rl(et, $ JSOmllUon
....
M eanwhile, al the money market last week. Nigeriallmlerbnnk Offered Rolle!!
"
V V ~d~l1Iental
th:iw:r in the price b~ uI roroa beans contributing 10 strong buying inlCJCSI from speculators who in~ tbeir- net long posi-
,....
IU~ report 6UfO
tbe IJ:JrttnatkwlaI Qxoa Organ:is3Cion (IUD) ~ dlill inSept:emha; IIIe KXIJ diBIy .-k:e aver:acOO Sl.62O perlOl'1l1e, up bySIOB QJl'n~ to the ~ JWic'c mconIed in I1Ie preceding oooonOh ($2.512) aood ...".,.. ~
$2.5 10 ruKi $2,,720
il rose last Friday on concern thm dIe cJ.ash between Isrnei and Hamas will escalate 1010 a wider conIDa that ....'OUId endanger Middle East aude ship-
O ments.
Futures advanced as much as 15 pert:ent as israel. ~ended its bombing of Gaza and militant groups fired rockets at dle Jewish Stale. F..gyptian ~ MinIster llisham QandU visi led Gaza today and called for un Inlemalional efron to end lhe ,iolenre. 1smel's anny said it has deployed tanks near the Ga7.ft border ruld
ca1Jed up reservists.
heightened and il could
"Going Into the wrekend it's diffICUlt for traders to Ignore tlle groomg tensions In the reglon.~ said Phl!
disrupt oil uade," said Bill Bruuch, a senior market strntegist: at litrndet:rom in Ookago.
Commodity Market
Gold eases, headsfor weekly loss old drifted lower with shares on FriallY nnd headed for n weekly loss, as investOlS focused on un certainty O\'er global growth and wome'l 0'Il!f the socrilled -fiscaldifr. Spoo gold "'".. down 0.39 percent 10 S 1,708.54 all OWlce by 1242 GJIoIT, on trod; for a weekly loss after prices dlmbed more dtan 3 percent last week. U.s. gold wasdown S4.BO at 51,i09,OO. Gold had slidmott! than I pelC'entlo a one-week low on Thursday foUowing falls In equity markets.. Europenn shares feU for a third day on Friday as tlle weak economic outlook. uncertalJlty over U.s. budget talks and an upswgt! of violence in the Middle East weighed on investors. GokJ edged down as some investors liquidated prufus from bullion to caver losses In otlter markets such as equities.
G
U.s.
Weather concerns drive cocoa price coeoa per "l A J;,:~~
,..,. .......
days money dropped NlooR Is the rate or interest dmrged on short-tenn loans made between Nigerian banks. Banks borrow and )end money at the inter-bank market in order 10 1Iwmgt' liquidity nnd meet the requiremenlS placed on dlenL For Call money, MOOR rose from 10."i917 percent last Thursday to 12.08J3 pm:en1 last Friday. AI50 in the l1!Ylew period. NlDOR for 7 days money rose from 11.5000 pen::ent to 13.1250 pe!U!fIL For 30 days money, NIBOR rose from 13.1667 percent to 13,8333 percenL Pwther check al the money market showed that foc 60 days money. NIBOR rose dropped from 14.9167 percell t to 14.2500pen:enl; fOr 90 days money_ NIBOR dropped from 15.2917 percenl to 15 percent; MOOR for 180 days money dropped from 16.2917 percent 10 15.5000 pen;enl; "'!we NIBOR for 365 days looney dipped frotn 16.6250 jX.'fcent to 15.8i50percmt.
ihe sharp rise in futUres prices initiated at the end of the preceding month oontinued dming the latter pan uf IIle fim \veek of SeptenJbct; with quotations
hitting an
elC\~-month
high in I.onoon aI [.1,730 tonne and a len-month reconi In New YOlk 91 $2.686
pertone; ICCOsaid lhe Inlem.lliional Cocoa Organisation d.-illy price for cocoa beansisthe ~or the (IUolatlons the nearest tllf"ee ~ furu.res uading months on NYSE Wfe and ICE r'lltures U.s. at tlle tlme of London dose, converted into US dollar and SOils using dIe appropriate exdmnge rales. On the demand side, cacoa buller ratios increased during the montlt under review and altanled Iheir highest level since tlle beginning of die 201 1I2!U1.seasolL Oil
or
the O(her hand. cocoa pow-
des- rntios remained steady after decreasing during the earUermOltdlS. AlXotdlng to the COIIsell du Cafe-Cacao, cocoa bean arJio.oals at ports in C6te d" voire renched 1.476 nilllion tOlU1eS at lhe end of tlle 201l/20l2 season, down by two per cent or 35,000 tonnes compared to the previOUS5e;t5(l1l of 1.511 million tonnes.lnGImna, offldal cacoa plln:hases data rcleased by dle Ghana Cocoa Board for the 2011 12 season feU 10 878,524 tonnes compared 10 l.az5 million wnnes recorded in tlle 2010/20) 1
no
-
l>eingshort." Crude oU ror Decemhe!- ~, which ~ires I<xlay, rose 60 cents, or 0.7 percent. to $86.05 a bam:! Ilt 10:17 a.Jn on tlle New York Mercantile Exchange. The more-ac:tiveIy troOO:1 January contmc:t gained 59 cents. orO.7pcn:ent.I0S86.46. Brent oil for January settlernenl Increased 60 cents, or 05 pen:ent. to SI08,61 il banel on the Londonba<;.ed ICE Futw-es Europe exchange, boosted by disruptions in the North Sea. Statoil ASA (SI1..), Norway's largest enClID'company, said its TroD C field will remain shut after It found corrosion on two tanks in separale gaslreatmenl systems. rutting the country's crude output by dose to IO pctteflt. --rhe bombing has been
1I1ves(Ors see
gold. as
a
risky asset similar 10 other commodities or shares.
,
• I ...... ~ .•
-- ;_'J -
#
HO'Wf!\'t!f, gold can reson to being a safe haven in times of deep economk wxertaint)', "Gold Is being seen [ncreaslngty as a !IOUJ'Ce of caslL Uquldiltlon of gold
can rover losses elsewhere~ saki Simon Weeks, head of precious metals at Scotia Mocatta, referring to Friday's slippage in gold with
"""Ole< lhe gold market's attention Is on the budget tal¥ bet.....een U.s. PresideJ?1 Baraclc Obama and_ gressional leaders. As the two skies prepared for tqe truk... on Friday aimed ~t pll!"JellWlg dle u.s. econ~ omy from falling back into recession, Democrn15 wid Republicnm dug in on thdir 1?lIg-hcld opposing bon<
Co.'l -
"'1i-