Global Sell-Offs Indicate NGX Still Resilient Amid CBN Hikes Kayode Tokede As investors around the globe exit risk assets into safer classes, the Nigerian Exchange Limited’s All-Share Index’s 3.56per cent Y
As investors around the globe exit risk assets into safer classes, the Nigerian Exchange Limited’s All-Share Index’s 3.56per cent Year-to-Date return shows ultimate resilience amid consecutive interest rate hikes by the Central Bank of Nigeria .
Despite calls from fiscal authorities in the US, the Federal Reserve has stuck to its mandate announcing a further 750 basis point hike in Federal Funds rate, bringing it to four per cent this year, its highest since 2008. According to Countryeconomy, a tracker of global stock market indices, the S&P 500 has plunged by 21.12per cent YTD, whilst the NASDAQ 100 plummeted by 32.53per cent in the same period. The Dow Jones Industrial index has fallen by 11.53per cent from January, and the UK’s flagship index, the FTSE 100 lost 6.06per cent.
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