Markets
| % Change | YTD (%) | ||
| NGX ASI | 52,187.93 | 0.15% | 1.83% |
| Brent Crude Oil | 75.58 | -0.37% | -12.02% |
| Natural Gas | 2.59 | -0.27% | -36.83% |
| I&E FX Window | 463 | 0.45% | -3.35% |
| Parallel Market | 751.5 | -0.07% | -1.55% |
| Nigerian Treasury Bill (Average Yield %) | 6.97% | 0.02% | 13.37% |
| FGN Bonds (Average Yield %) | 14.34 | -0.01% | 21.32% |
| Gold | 1,977.29 | 0.98% | 8.99% |
| Cocoa | 3,068.00 | 2.57% | 17.74% |
- NGX All-Share Index (ASI) opens this week at 52,187.93. It inched up 78.50 (0.15%) on Friday, representing a 1-week loss of 0.05%, a 4-week gain of 2.06%, and an overall year-to-date gain of 1.83%. The Monetary Policy Committee (MPC) of the CBN meets today and tomorrow. Given the pause on removal of subsidy, we expect the Bank to leave rates at 18%.
In the communique released by the Bank regarding its decisions at the last MPC meeting, this quote is the major reason for the rate increase to 18%: “The MPC observed the continued upward risk to price development around expectations on the removal of the PMS subsidy; rising prices of other energy sources; continuing exchange rate pressure; and uncertain climatic conditions. This in the view of members, provides a compelling argument for an upward adjustment of the policy rate, albeit less aggressively”.
