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What To Expect From The Markets This Week- 271117

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Saturday, November 25, 2017 08:00 AM / Proshare 

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 Proshare Nigeria Pvt. Ltd.


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From the Editor’s Desk

In the week ahead, precisely the 30th of November 2017, Oil producing export countries (OPEC) will meet to determine whether to sustain the present cuts in production or further deepen the cuts in order to retain both market share and possibly beat up oil prices. Data so far from OPEC monthly publication stated that global crude oil demand rose from 96.3 million barrels per day   in the 2nd quarter of 2017 to 97.7 million barrels per day in the 3rd quarter. This reflects 1.4% growth in global demand for crude in the 3rd quarter when compared to the previous quarter. This is due to gradual improvement in the macro environment in Europe and South East Asia. 

The total supply of crude oil in the 3rd quarter stood at 96.4 million barrels per day, making it the highest production of crude in 2017 as it grew by 1.2% on a quarterly basis. This increase was on the heel of improved production in OPEC countries like Libya and Nigeria fused with increased activity in the Gulf of Mexico. The recent uptick in global demand outweighed global supply by 1.1 million barrels per day, thereby sustaining two quarters of excessive demand. At the same time the recent uptick in demand coupled with political uncertainty have driven price to a 2 year high of $64 per barrel.  Data from OPEC showed that freight cost on the bonny light, Nigerian reference crude has dropped to a 2 year low of $1.26 per barrel.         

 

Fig 1: The Global Balance of Stock Of Crude

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Source: OPEC

 

Although OPEC is still interested in creating a broader  consensus with the inclusion of  non-OPEC countries, the completely fizzling out of excessive supply put the cartel in a position to retain the existing cut without further deepening them.
 

The Central Bank of Nigeria will auction treasury bills worth N118 billion in the primary market, which consist of 91 days, 182 days and 364 days. Expected maturity of commercial instruments worth the same value will also mature in the week ahead. We do expect that the play out will leave the money market largely neutral.
 

Sunday, November 26, 2017

The Performance, Earnings and Returns Leadership Awards (PEARL) Awards will hold today in Lagos. 

Monday, November 27, 2017

Nestle Nigeria Plc will be marked down today, while the Shares of Global Spectrum Energy Services Plc will be listed on the Nigerian Stock Exchange (NSE). 

Tuesday, November 28, 2017

The Businessday Education Summit & Fair (EDUSUM 2017) themed: Realigning Education with Market Demand: The Role of Private Sector as a Catalyst” will hold today in Lagos, while the West Africa Property Investment Summit commences. 

Wednesday, November 29, 2017

The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) today, as the 2017 NSE Essay Competition Awards Ceremony holds. 

The Nigerian-American Chamber of Commerce will hold its November 2017 Breakfast Meeting today themed “Foreign Direct Investment as a Catalyst for Development” today, while the West Africa Convergence Conference (WACC 2017) and the NACCIMA-NIRSAL Agriculture and Agribusiness Conference 2017 will commence today. 

Thursday, November 30, 2017  

PwC Nigeria will today hold its Annual Power & Utilities Roundtable themed “The Pathway to Recovery”, while the Africa Young Entrepreneur (AYE) Network with Giants (NWG) conference holds.  

Friday, December 01, 2017

An Experience Session with Juliet Anammah, CEO, Jumia Nigeria will hold today in Lagos with the theme “Involvement of Technology In Business”. 

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 Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds. Yours to Serve!

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Contact for Details:

For further information, enquiry or submission of information, kindly contact market@proshareng.com and research@proshareng.com Tel: 0700 PROSHARE

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