The Daily Observer (Banjul)
Momodou Camara
1 July 2009
column
Good Monday morning Gambia and welcome to the Dalasi Update (DUD). We are privileged this week to bring to you the trading figures of the Dalasi in relation to other international currencies notably the Pound Sterling, US Dollar and the Euro.
However, the Dalasi is very buoyant this week at trading as it manages to stablise after the blip it suffered two weeks ago as at trading on the 29th May, 2009. In this drive, we have taken data supplied by the Central Bank to look at the general banking atmosphere covering all 11 operational banks in our financial hub at the moment. Statistically, we are looking at 11 (eleven) international currencies at trading against our Dalasi and a total of 85 figures analysed in the process.
Overall, there are 38/85 LOSSES, 41/85 NON MOVING FIGURES and 6/85 GAINS as per the 12th June, 2009 against a base period of the 29th. May, 2009 trading figures. We conclude that the Dalasi has indeed consolidated and stabilsed with more non-moving figures and few improved gains against the 29th May, 2009 unimpressive figures.
Non movers
TBL and FIB are the only bank this week to register 100% non moving figures in all its trading figures.
Gains
SCBG, AGIB, GTB and BSIC are the only banks that registered few gains in the proportion of: 3:1:1:1 respectively.
Losses
ECOBANK and OCEANIC BANK are the two to register 100% losses on all currencies at trading this week with the later making a single non-mover on the US Dollar.
Mixed Picture
SCBG, PHB, AGIB, GTB, ICBG, ACCESS and BSIC all registered a mixed picture with some gains, some non moving and some losses as at trading this week.
Mind the gap
Market Beat has the privilege to bring to you the INDICATIVE RATES currency tables as we buy and sell in all our operational commercial banks and MJ Financial Services Foreign Exchange Bureau as dictated to us by the Central Bank of The Gambia (CBG) as at the 12th June, 2009. Please note that these figures could be subjected to changes as market forces come into play and at the discretion of the banks hereby mentioned.
Oil hits new 6-month high above $65
According to forecast coming from London, oil extended gains above $65 a barrel to reach a fresh six-month high after the U.S. reported a fall in oil inventories and further signs of economic improvement. Benchmark crude for July delivery was up 67 cents to $65.75 a barrel by late last week in Europe in electronic trading on the New York Mercantile Exchange.
On Thursday, the contract rose $1.63 to settle at $65.08, a six-month high and almost double the lows reached in March this year, when it fell below $35 a barrel. The Energy Department's Energy Information Administration last week said U.S. oil supplies dropped unexpectedly by 5.4 million barrels early last week. Though crude inventories remain near 19-year highs, it was the third week in a row that supplies have fallen. Investors were also cheered by signs the U.S. recession may be bottoming out. The government reported late last week that demands for big-ticket manufactured goods in April had its biggest jump in 16 months.
It was the second increase in the past three months and came after separate data showed the number of newly laid-off people requesting jobless benefits fell last week. According to financial analysts in the city of London, Canary Wharf, there is a lot more optimism about the economic outlook than we previously thought. The market is factoring in a recovery in demand by the end of the year but there is no real evidence that demand is picking up at this point. The Organization of Petroleum Exporting Countries said last week that at a meeting in Vienna that it will keep output levels unchanged.
OPEC announced production cuts of 4.2 million barrels a day between September and January, but has kept output steady since then. They cited the fragile status of the world economy was as the main reason for that decision. However, OPEC's communiqué also pointed out that supply is still exceeding demand with oil inventories around the world close to record highs.
The JBC analysts say that because supply remains so high, another OPEC production cut is likely, possibly at the next meeting in September this year. In other Nymex trading, gasoline for June delivery rose 1.28 cents to $1.92 a gallon and heating oil gained 1.02 cents to $1.61 a gallon. Natural gas for June delivery was up 1.9 cents at $3.98 per 1,000 cubic feet. In London, Brent prices rose 76 cents to $65.15 a barrel on the ICE Futures exchange.
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