• The Nigerian equities market recorded a marginal decline, as both NSE ASI and market capitalization decreased by 0.46% respectively, as they both closed at 33,114.44 points and N12,089tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 13.46%.
• Volume and value of trade and No of trades all decreased by 22.77%, 37.50% and 13.86% to N172.196M, N2,052BN and 2,866, respectively.
• UAC-PROP topped the gainers’ table with percentage price change of 10.00%, while BERGER led the losers’ chart with percentage change of 10.00%
• Market breadth was NEGATIVE with Seventeen (17) gainers against Twenty-Three (23) price losers.
Money and Fixed Income Market
• The OBB and OVN rate closed on a high at 16.67% and 17.92%, as system liquidity remain stable at previous day level of N122bn positive.
• The bond activities traded inactive, while slight trades were recorded on all levels of maturity as yield compressed to around 2bps. The FG Bond auction was oversubscribed.
• T-bills market still continued with the selloff at the short end of the curve, as marginal sentiment was recorded on the medium end of the curve. Yield on T-bills was relative stable.
Fed hikes interest rates, raises its economic outlook
The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. That now takes the rate to a range of 2 percent to 2.25 percent, where it last was in April 2008. This is the eighth increase since the Fed began normalizing policy in December 2015.
Foreign Exchange Market
• The NGN/USD exchange rate decline to N364.00 at the I & E FX Window. While parallel market remained stable at N360/$, also CBN Official rate was stable at N306.35 Read more: