Stock markets are “shrugging-off” the second impeachment of Donald Trump, with the investor focus instead on the stimulus package, affirms the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The comments from Nigel Green, chief executive and founder of deVere Group, comes as the Senate voted that the second impeachment trial of the former President is constitutional, despite calls from his lawyers and most Republicans to reject proceedings.
Democrats now have up to 16 hours over the next two days to make their case in the Senate to convict Trump.
Mr Green says: “The second impeachment of a U.S. President – a major, far-reaching political event in the world’s largest economy – would normally have Wall Street and stock markets around the world in a tailspin.
“But this is not the case.
“Shares in Asia-Pacific were higher on Wednesday, with Chinese stocks leading gains among the region’s major markets. The pan-European Stoxx 600 moved marginally above the flatline at the opening, whilst U.S. futures point to new record highs.”
He continues: “Markets are shrugging off the impeachment noise coming out of Washington, with Trump’s chances of acquittal high.
“Unless the Democrats are unable to get through another round of fiscal stimulus because of the proceedings, it’s likely that markets will continue to ignore the Senate.
“Investors’ focus is on President Biden’s proposed $1.9 trillion stimulus package, specifically whether it will be watered down and when it will be rolled out – with the hope it will be sooner rather than later.
“In addition, they are looking ahead to see the Biden administration’s policies in action and what they really mean for what sectors and industries.
“Investors will also be eyeing the release of January’s CPI figures as they attempt to predict when U.S. inflation will overshoot due to the fiscal stimulus.”
Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell have both been keen to play down the risk of higher inflation from the stimulus. However, rising Treasury yields and measures of inflation expectations indicate otherwise.
The deVere CEO concludes: “It may be ‘round two’ for impeaching Trump, but it’s set to have very little impact on markets. They just aren’t phased. They’re looking ahead, not back.”
Stanbic IBTC Holdings to Release Audited 2021 Half Results in August 2021
Stanbic IBTC Holdings Plc, one of the leading banks in Nigeria, on Wednesday announced its Board of Directors has decided to audit the Half Year Financial Results of the bank.
The bank announced in a statement signed by Chidi Okezie, Company Secretary.
According to the bank, the Audited Results for the Half Year Ended 30 June 2021 will be released not later than 29, August 2021 after the Central Bank of Nigeria has approved it.
The statement reads, “Having duly notified NGX RegCo of this development, the Management of Stanbic IBTC wishes to notify the investing public that the Company will aim to publish its 2021 Audited Half Year Results on or before 29 August 2021 in accordance with the extant Rules of NGX Regulation Limited as cited above.
“Thank you for your understanding. For any enquiry, please contact Chidi Okezie, Group Company Secretary – Email: firstname.lastname@example.org or Idris Toriola, Head Investor Relations – Email: email@example.com; Tel +234 422 8501”
Equities Market Closes in Red on Monday
The Nigerian Exchange Limited extended its bearish trend on Monday as several unclear economic policies continue to dictate market sentiment.
Investors traded 209,212,596 shares estimated at N1.763 billion during the trading hours of Monday.
Market value of listed equities dipped to N20.089 trillion on Monday, while the Nigerian Exchange Limited All-Share Index lost 0.27 percent 38545.30 index points.
Meyer Plc led gainers with 8.77 percent to close at N0.57 a share. This was followed by Champion Brew. Plc with 6.06 percent. See the details below.
|MEYER||N 0.57||N 0.62||0.05||8.77 %|
|CHAMPION||N 1.98||N 2.10||0.12||6.06 %|
|JBERGER||N 19.10||N 20.00||0.90||4.71 %|
|REGALINS||N 0.50||N 0.52||0.02||4.00 %|
|IKEJAHOTEL||N 0.94||N 0.97||0.03||3.19 %|
|FIDSON||N 5.10||N 4.60||-0.50||-9.80 %|
|LASACO||N 1.50||N 1.36||-0.14||-9.33 %|
|FTNCOCOA||N 0.33||N 0.30||-0.03||-9.09 %|
|MBENEFIT||N 0.45||N 0.41||-0.04||-8.89 %|
|CORNERST||N 0.58||N 0.55||-0.03||-5.17 %|
FG To Auction Three Bonds Worth 50B Each This Week
The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.
The bonds comprised three bonds worth N50bn each, a circular said Friday.
The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.
The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.
FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.
The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.
For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.
Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.
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