Oct 14 (Lagos) - US stocks continued to sell-off after the strong inflation data that was released on Wednesday. The analysts are beginning to re-consider their thoughts on possibility of monetary policy easing anytime soon. The Fed has stated they are willing to stay higher for longer to bring inflation below 2% which currently it is close to 4%.
That inflation figure is also contested by various analysts. Some think that the real inflation number is much higher especially in food items that are biting customers hard.
Banking stocks gained at NYSE today after strong results from JP Morgan and Citigroup. That was not enough to stop the S&P500 index from falling 0.5% today in New York.
Back in Nigeria, the stocks were higher sharply for the week by
1.12% and the all stock index closed at 67,200.69 points today with BUACEMENT being the blue chip leader this week with a gain of 12.5%
reporting for easykobo.com on Friday, October 13 2023 from Lagos, Nigeria