MarketWatch

[olusolakemmy]

Originally Posted by citizen

GUYS THE TRUTH IS THAT THE GLOBAL ECONOMY IS FALLING APART!!!! OIL WAS TRADING FOR $88 TODAY AND IT WILL STILL DROP FURTHER AS ALL PARTS OF THE GLOBE WILL BE AFFECTED. SO FORGET ABOUT OUR SO-CALLED INSULATION FROM THE CREDIT CRISIS; SINCE WE CONTRIBUTE THE LEAST TO GLOBAL GDP(THE WHOLE OF AFRICA 2% OF WHICH S.A. HAS 1%). IT WILL FINALLY GET TO US IN ATERRIBLE WAY UNLESS GOD HELPS US.
FIRST OF ALL WHAT WILL WE BASE NEXT YEARS BUDGET ON SINCE WE MIGHT EVEN HAVE CRUDE AT BELOW $50 BY NEXT YEAR

bros na true you talk.

one thing lead to another and we are between the deep blue sea and the great white shark.

any which way you tend to, you are not insulated

[Michael]

Originally Posted by citizen

GUYS THE TRUTH IS THAT THE GLOBAL ECONOMY IS FALLING APART!!!! OIL WAS TRADING FOR $88 TODAY AND IT WILL STILL DROP FURTHER AS ALL PARTS OF THE GLOBE WILL BE AFFECTED. SO FORGET ABOUT OUR SO-CALLED INSULATION FROM THE CREDIT CRISIS; SINCE WE CONTRIBUTE THE LEAST TO GLOBAL GDP(THE WHOLE OF AFRICA 2% OF WHICH S.A. HAS 1%). IT WILL FINALLY GET TO US IN ATERRIBLE WAY UNLESS GOD HELPS US.
FIRST OF ALL WHAT WILL WE BASE NEXT YEARS BUDGET ON SINCE WE MIGHT EVEN HAVE CRUDE AT BELOW $50 BY NEXT YEAR

The fact that the Global economy is falling apart does not mean that Prof can start making statements like someone who knows what he is doing.
There is a new Nigeria in the making, but it seems like some of the Old Brigade keep drawing is back!

[zubychyle]

Originally Posted by Taipan

Please find attached the various Deposit & Lending Rates for Nigerian Banks.

this is a very good initiative by CBN, these banks should be more open about the ways they conduct their businesses esp the various interest rates.
nice one.

[hispy99]

[b]Private Sector to Bail Out Stock Market
•US action fails to halt global sell-off•Oil prices fall to lowest in 8 months
By Chika Amanze-Nwachuku, Goddy Egene and Eromosele Abiodun, 10.07.2008

Efforts to find a solution to the nation’s lingering stock market meltdown continue today as officials of the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) meet to work out a plan that will inject private funds to bail out the market.

The meeting to halt the nation’s plummeting global market came on a day stocks suffered sharp falls as worries about the extent of the global financial sector crisis deepened after finance ministers failed to reach a consensus on how to react.

The Director-General and Chief Executive Officer of the NSE, Prof. Ndi Okereke-Onyiuke, dropped the hint about the regulators’ meeting at the Annual General Meeting of the Central Securities Clearing Systems Limited (CSCS) in Lagos yesterday.

Worried by the persistent fall in the prices of shares, the Federal Government had last August introduced some recovery measures to stem the negative trend. However, almost two months after, there appears to be no respite in sight.

Okereke-Onyiuke said that the NSE and Board of SEC would meet today to map out a bail-out plan that would help stem the falling share prices.
Okekereke-Onyiuke, who was silent on the details of the bail-out, added that the plan would also involve the Central Bank of Nigeria (CBN) and market operators including banks.

She explained that the market regulators decided to use the internal mechanism to bail out the market because the Nigerian Government is not in a position to take the decision similar to that of the United States Government.

The US government is using $700 billion to mitigate the impact of its current financial crisis. The Nigerian government had recently shelved plans to set up a Stabilisation Fund meant to enhance liquidity in the stock market.

The Finance Minister, Dr. Shamsuddeen Usman, who announced the decision to shelve the stabilisation fund, had explained that the measures already introduced by the CBN and the Share Buy-Back were enough to address the liquidity problem.

But Okereke-Onyiuke said that US government agreed to inject $700 billion into the market because of the number of citizens that invest in their financial system.

Specifically, she said the ratio of Nigerians investing in the Nigerian stock market is very minimal compared to the entire population. This, she explained, informed the regulators’ decision to embark on an internal bail-out plan apart from other efforts by the government.

She said: “Our nation is not in a position to do what America did. If by October 2008, they have not passed the budget for 2007, is it the intervention fund that they will meet to approve? We went to the government in the first place to use moral suasion to allow the CBN take part in whatever measures we are going to take because they are an organ of the government. After the meeting tomorrow (today) you will see what will happen in the market. I tell you there is hope for this market.”
Okereke-Onyiuke called on well-meaning Nigerians to imbibe the American spirit of patriotism and not selfishness.

“Nigerians should develop the American spirit. You can see how they put aside political and personal interests to bail out their market. It is even now that we are even appreciating the fact that the capital market is the barometer with which you measure the economy,” she said.

The stock market has been depreciating since early March after two months of bull run. The market climbed to a historic level with the NSE All-Share Index peaking at 66,371.20 on March 5, 2008. The market capitalisation on that date was N12.6 trillion.

However, the bear run that set in afterwards has persisted and has caused the index to shed 31 per cent to close at 45,504.69 yesterday. Similarly, the market capitalisation of equities has dipped by N2.9 trillion as at close of trading yesterday.

In a related development, on Wall Street, the Dow Jones Industrial Average fell 4.3 per cent to 9,884.9, a drop of 445 points that took it under 10,000 mark for the first time since October 2004. The S&P 500 fell 4.8 per cent to 1,046.9.

London’s FTSE 100 closed 7.9 per cent lower at 4,589.2, a loss of 391 points. The sell-off was the UK benchmark index’s third biggest one-day drop on record, its largest since Black Monday in 1987 and took it to levels last seen in October 2004.

Meanwhile, crude oil prices fell to its lowest in eight months yesterday, trading below $90 a barrel on speculation that the financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.

For most of 2008, oil had been well over $100 a barrel, causing pain at the pumps.

But amid the global financial crisis, light, sweet crude for November delivery fell $3.06 to $90.82 a barrel on the New York Mercantile Exchange, after earlier dipping to $88.89, the lowest level since February, 8. Last Friday, the November contract lost nine cents to close at $93.88 a barrel.
Oil prices have tumbled nearly 40 per cent since peaking in July. A significantly stronger dollar also weighed on prices.

[zainabusman]

Gloom, gloom, gloom all around although the DG NSE tells us we will soon start smiling by the end of this week. Mmmh. We wait.

[billions]

Originally Posted by zainabusman

Gloom, gloom, gloom all around although the DG NSE tells us we will soon start smiling by the end of this week. Mmmh. We wait.

The market shd start showing some positive signs today or tomorrow...if what she is thinking of is going to work.

[billions]

Originally Posted by billions

The market shd start showing some positive signs today or tomorrow...if what she is thinking of is going to work.

Less tha 2.8b naira was spent in d market today and only about 4 stocks gained...the market is yet to show any sign of recovery.

According to DG of d NSE ....some measures will be announced today which is expected to move the market north.

I am eager to know what she is working on.

[zainabusman]

Originally Posted by billions

Less tha 2.8b naira was spent in d market today and only about 4 stocks gained...the market is yet to show any sign of recovery.

According to DG of d NSE ....some measures will be announced today which is expected to move the market north.

I am eager to know what she is working on.

Unless the DG has the funds to buy off all the stocks on offer, nothing will change. Liquidity is not there.

In my view they should just allow this market to find its level. It cant get to zero or can it?

[muranay@yahoo.com]

Originally Posted by zainabusman

Unless the DG has the funds to buy off all the stocks on offer, nothing will change. Liquidity is not there.

In my view they should just allow this market to find its level. It cant get to zero or can it?

Where do you expect her to get funds to buy all the stocks?

Obama funds?

Let wait and see what pronoucement they are going to come with after today's meeting.

May be there more policies to be REVERSED again.

[edunko]

i really think that i can get to zero oooohhhhh!!!!!!!!!!!11

imagine IAA that came to the market 2.20k and is now selling 0.74k.

believe me that if not for the 1% max decline, this stock for don reach zero.

i bought lasaco at 4.80 and now, and now its heading to zero, thank God for 1% max decline order.

[panej]

Nigeria central bank postpones policy meeting
Tue 7 Oct 2008, 7:47 GMT

ABUJA (Reuters) - Nigeria's central bank has postponed a meeting of its Monetary Policy Committee due to have been held on Tuesday, the bank said on its website.

"A new date will be announced later," the statement said, without giving any reason for the postponement.

The committee decided at an emergency meeting three weeks ago to cut its benchmark interest rate to 9.75 percent from 10.25 percent to provide more liquidity to financial markets.

It also injected about 150 billion naira (around $1.27 billion) into the markets of sub-Saharan Africa's second biggest economy by reducing the cash reserve requirement to 2 percent from 4 percent.

Global market turmoil has led institutional investors to dump perceived risk, dampening enthusiasm for emerging frontier markets and leading to outflows of foreign capital from countries including Nigeria.

But the crisis has so far had only a limited impact on the world's eighth biggest oil exporter, with just 8-10 percent of its domestic financial markets exposed to foreign investment, analysts say.

Central Bank Governor Chukwuma Soludo told a conference on Friday that Nigeria's financial markets were sufficiently liquid, its foreign currency reserves were safe and its banks' balance sheets were strong despite the global crisis.

He said he saw no immediate need for further regulatory intervention.

© Reuters 2008. All Rights Reserved. | Learn more about Reuters

[donchisel]

Originally Posted by zainabusman

Unless the DG has the funds to buy off all the stocks on offer, nothing will change. Liquidity is not there.

In my view they should just allow this market to find its level. It cant get to zero or can it?

Gbam!!! I completely agree with you. The earlier it gets to the Zero, the better for me. I don't know about you.

[joy111]

Market State : Closed
NSE Index:
45,204
Deals:
8,346
Volume:
550,758,462
Value:
2,741,408,759
Market Capitalization:

[donchisel]

Originally Posted by edunko

i really think that i can get to zero oooohhhhh!!!!!!!!!!!11

imagine IAA that came to the market 2.20k and is now selling 0.74k.

believe me that if not for the 1% max decline, this stock for don reach zero.

i bought lasaco at 4.80 and now, and now its heading to zero, thank God for 1% max decline order.

My Brother i Disagree with the comment in bold. If not for the 1% maximum decline, I personally would have Funds in and out of the Market. I believe most people will do same, thus liquidity would have been felt present in the market.

Moreso, most Divestments from the world market may even boost our own market. Reason being that it is small enough for those deep porcket to manipulate. Just look at what Etisalat is already doing in the country's telecom industry.

[BLUEMONEY]

Originally Posted by olusolakemmy

we are looking for a scapegoat, hmmmmmm?
someone shld please remind him that when he was successfull in reducing 98 to 25banks we praised him, even though it is becoming clear gradualy that there were serious book making that seize the air during the chase for 25b capital base.

No one is looking for scapegoat, but we simply demand a forward thinking person, not someone that sterling bank will table a proposal of slashing some people share and adding to another set of people and he gladly approved it, cause sterling mentione cbn as the major regulatory body that approve of the reconstruction.

Not someone that will make an announcement today and revert it tomorow, we dont want an unstable mind.

he doesnt need to accept that he is involve in helping the market witness a serious meltdown, what we demand is that at everypoint in time, during the good and bad economy situation, let us have consistency in our policy making.

And even if we are looking for Scapegoats, The Regulatory Authorities will be a perfect example because some of the policies they have released lately is not different from that of a Goat.