Global Shares Fall amid Uncertainties

Photo: President Goodluck Jonathan ringing the closing bell at the New York Stock Exchange on Monday, September 23, 2013.

World stocks fell, yesterday, amid political turmoil around the globe.

The United States stocks fell on Monday as comments by a Federal Reserve official and a looming political deadline in Washington outweighed earlier upbeat economic data from Germany and China, Reuters reported.

Referring to the timeline that Fed Chairman Ben Bernanke articulated in June, New York Fed President William Dudley said the framework for withdrawing stimulus is “still very much intact” as long as the economy keeps improving.

Investors were caught off guard last week when the Fed decided against reducing asset purchases from the current $85 billion monthly pace after many had anticipated a change in policy would come in September.

Also, activities on the Nigerian Stock Exchange (NSE) closed negative on Monday with the NSE All-Share Index falling by 0.28% to close at 36,088.64 from Friday’s close of 36,188.72. Similarly, the market capitalisation of the listed equities fell by ₦32 billion or 0.28% to close at ₦11.49 trillion, from ₦11.53 trillion.

The NSE 30 also fell by 0.28% or 4.89 basis points to close at 1,686.83 from Friday’s close of 1,691.72. The banking sub-sector maintained its lead on the activity chart, accounting for 62.76% of total turnover.

In the meantime, President Goodluck Jonathan and some state officials, who are in the US for the United Nation conference, paid a courtesy visit to the New York Stock Exchange on Monday.