- The Nigerian equities market, open the new trading week on low at today’s trading activity. Both NSE ASI and market capitalization decreased by 0.27% respectively, as they both closed at 32,451.27 points and N11,847.22tr respectively. Year-to-Date ASI is at a negative of 15.19%.
- Volume and Value of trades both decreased by 63.59% and 68.75% to N190,568M and N3,307B While No of trade appreciated by 5.93% to 2,942 respectively.
- NIGERINS topped the gainers’ table with percentage price change of 9.68%, while LIVESTOCK led the losers’ chart with percentage change of 9.52%
- Market breadth was NEGATIVE with Thirteen (13) gainers against Twenty-Three (23) price losers.
Money and Fixed Income Market
- The OBB and OVN rate closed on a high at 8.03% and 9.08%, as system liquidity close at about N400bn positive.
- The Bond market started the trading week on an inactive note, as yield incher at about 7bps, as the market recorded compressed patronage, as the market anticipate the next bond auction.
- The T-bills witnessed significant trade on the short tenured T-bills space at yesterday trading activities, while yield inched higher to about 10bps.
US and China exchange new trade war blows as latest round of tariffs takes effect
The latest round of tariffs targeting U.S. and Chinese goods went into effect Monday, raising the stakes in an escalating trade war between the world’s two largest economies. President Donald Trump’s administration levied tariffs of 10 percent on $200 billion of Chinese products that include furniture and appliances, with the rate set to increase to 25 percent by the end of the year. It is Washington’s third tranche of China-focused levies and part of a strategy to pressure Beijing into changing trade practices that Trump has claimed hurt American companies. In response, Chinese President Xi Jinping’s government said it would impose taxes on 5,207 U.S. imports worth about $60 billion.
Foreign Exchange Market
- The NGN/USD exchange rate decline to N364.28 at the I & E FX Window. While parallel market remained stable at N360/$, while the CBN Official rate, inch higher to N306.35. Read more :