Here is the report:The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) left benchmark interest rate unchanged at 9.75 percent as the central bank on Thursday said it would step up intervention in foreign exchange market to ensure the stability of the local currency, Naira. The rates were not changed in line with plans to curtail inflationary threats, declining oil price and instability in exchange rates.

The Initial Public Offering of Honeywell Flour Mills Plc, targeted at raising over N18bn in fresh capital opened on Wednesday, Dec 3rd following regulatory approvals. The company is offering for sale to the public 1,252,941,177 ordinary shares of 50 kobo each and also offering for subscription 941,176,471 ordinary shares of 50 Kobo each at N8.50 per share.This unique offer is being packaged by some of the leading issuing houses in the country, led by FBN Capital Limited and BGL Plc.

STOCK MARKET BRIEF FOR THE WEEK ENDED FRIDAY DECEMBER 05, 2008.Stocks trading ended the week with major indicators pointing southwards. Average volume of shares traded for the week hovered around 300million shares indicating low investor’s participation in market activities as many hold on in expectation of an upward swing in market performance. Average daily decline in the NSE ASI stood at 1.75 percent as the bears continue to plod in the market.