Week Ahead (August 10 – September 16)
Sunday Sep 10
- Q2 2017 Airline and Passenger Travel Data
Tuesday Sep 12
STANBIC IBTC GUINNESS NIGERIA
- Annual General meeting (AGM) date.
Wednesday Sep 13
HONNEYWELL FLOUR MILLS
- Closure date of proposed 6 kobo per share dividend
Friday Sep 15
- August 2017 AGO/Diesel Price Watch
- August 2017 Consumer Price Index and Inflation
Wednesday Sep 13
- EIA Petroleum Status Report
10.30 a.m. ET
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.
Why Investors Care
Petroleum product prices are determined by supply and demand – just like any other good and service. During periods of strong economic growth, one would expect demand to be robust. If inventories are low, this will lead to increases in crude oil prices – or price increases for a wide variety of petroleum products such as gasoline or heating oil. If inventories are high and rising in a period of strong demand, prices may not need to increase at all, or as much. During a period of sluggish economic activity, demand for crude oil may not be as strong. If inventories are rising, this may push down oil prices.
Crude oil is an important commodity in the global market. Prices fluctuate depending on supply and demand conditions in the world.
Friday Sep 15
- Baker – Hughes rig count
1:00 PM ET
|The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs.
Used for drilling wellbores for wells that may eventually produce oil or gas, active rigs are essential for the exploration and development of oil and gas fields. Rigs that are not active are not counted. Components in the data are the United States and Canada with a separate count for the Gulf of Mexico (which is a subset of the U.S. total). The count includes only rigs that are significant users of oilfield services and supplies.
|Why Investors Care
Changes in rig counts point to changes in the supply of oil & gas. The higher the rig count, the greater the upward pressure is on oil & gas supply and in turn the greater the downward pressure is on oil & gas prices
Currency outlook: Naira seen stable
The Nigerian naira is expected to be stable in the coming week as investors seek to fill their dollar requirements from the official window, reducing pressure in other market segments.
The local currency was quoted at N361.54 per dollar on the investor forex window on Friday, around the same level as last week.
On the black market, the local currency was trading at N370 to the dollar, weaker than N367 a dollar last week.
“We expect that some of the demand that drove down the naira this week would have been taken care of, and the market will stabilise around the present level next week,” a senior currency trader said.
Compiled by Patrick Atuanya
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