Nigeria in 1min: Economic, Business and Financial Headlines - 170320

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Tuesday, March 17, 2020 / 06:40 AM / By News Aggregator

 

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PROSHARE ECONOMY 

Facebook Collaborates with NCDC and WHO to Tackle Misinformation on Coronavirus - As global numbers continue to rise, and with Coronavirus (Covid-19) reported in a number of countries across Africa, including in Nigeria, Facebook continues in its commitment in helping to keep people safe and informed globally, and locally through local partnerships, and updates to its platform. Source Facebook Read More 

Global Shocks Alters Nigeria's Short Term Outlook - NOVA - In our March Economic Insights (See report: COVID-19 Economic Disruption Going Viral?), we estimated the impact of the escalating COVID-19 on Nigeria's fiscal and external balances. We adopted average crude oil price of $59.45/bbl, which was anchored on an expected action by OPEC+ to support price and an end to the pandemic earlier in Q2.  Source NOVA Merchant Bank Read More 

CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers - The Corona Virus (COVID 19) pandemic is having significant adverse consequences for both the global and the Nigerian economies. It has already led to unprecedented disruptions in global supply chains, sharp reduction in crude oil prices, turmoil in global stock and financial markets, massive cancellations in sporting, entertainment and business events, lockdown of large swaths of movements of persons in many countries, and intercontinental travel restrictions across critical air routes in the world.  Source Read More 

Coronavirus Threatening Our Debt Servicing Plans - DMO - The Debt Management Office on Monday raised the alarm that the outbreak of coronavirus was threatening the arrangement put in place to service the nation's debts. The DMO explained that Nigeria's total public debt grew from $17.35bn in 2006 to $85.4bn, which is about N26.2tn, in September 30, 2019. Source Punch Read More 

FG Suspends Plans To Borrow $22.7bn - The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape. Source Vanguard Read More 

COVID-19: Bonny Light Dips Below $30/Bbl, As Saudi Arabia Cut Price To $25/Bbl - Following the continued spread of coronavirus (COVID-19) and its impacts on the global commodity markets, there seems to be a heightened pressure on the nation's budget as the price of Bonny Light declines to $29 per barrel. This is coming a day after Saudi Arabia flooded the international market with crude oil at prices as low as $25 per barrel. Source Vanguard Read More

Oil War May Revive China's Yuan Ambitions - The world's biggest oil importer has found itself contemplating rock-bottom prices and the opportunity for an unprecedented power play. Russia and Saudi Arabia's struggle for market share - and the resulting tumble to near $30 a barrel - has left China in a position to dictate conditions. That may include encouraging the world's top two exporters to price and sell more of their crude in yuan. Source Bloomberg Read More


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PROSHARE REGULATORS 

SEC Directs Brokers to Capture New Clients and Update Existing Clients Information - The Securities and Exchange Commission (the Commission) in furtherance of its investor protection and market development mandate has over the years, and in collaboration with other market stakeholders, worked actively to - amongst others - ensure accountability, transparency and stability in the capital market. Source SEC Nigeria Read More 

CBN Grants Businesses One-Year Extension On Loan Repayment - The Central Bank of Nigeria on Monday announced policy measures to tackle the impact of coronavirus on the businesses and the nation's economy. The CBN Governor, Mr Godwin Emefiele, said during a media briefing in Abuja that from March 1, the apex bank had granted a one-year moratorium on all of its intervention funds. Source Punch Read More

 

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PROSHARE MARKETS

CBN Statement Fails To Lift Nigerian Stock Market; Investors Lose N14.67bn as NSEASI Dips by -0.12% - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 22,705.19 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.41%.  Source Proshare Markets Read More 

Coronavirus Containment Actions Pose Material Risk to Global Structured Finance - The asset performance of almost 90% of structured finance (SF) transactions globally have high or moderate vulnerability to disruptions as a result of the coronavirus and containment efforts, according to a recent report by Fitch Ratings. Source Fitch Ratings Read More 

Federal Reserve Cut Rates to Support the Flow of Credit to Households and Businesses - The Federal Reserve is carefully monitoring credit markets and is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. Source Federal Reserve Read More 

There Is No Systemic Risk - Feedback From Goldman Sachs' Conference Call Held Sunday - 50% of Americans will contract the virus (150m people) as it's very communicable. This is on a par with the common cold (Rhinovirus) of which there are about 200 strains and which the majority of Americans will get 2-4 per year. Source The Market Ear Read More 

Afrinvest Stock Recommendation for the Week 160320 - Last week, the local bourse resumed its bearish performance as the All-Share Index (ASI) depreciated 13.5% w/w to settle at 22,733.35 points. As a result, YTD return worsened to -15.3% while market Capitalization declined â‚¦1.8tn to ₦11.8tn. Source Afrinvest Read More 

Communique Issued At SECN Budget Seminar Leveraging Budget 2020 and Finance Act for the NCM - The Budget Seminar Series is a forum for evaluating the nexus between the Nigerian capital market (NCM) and the annual Federal Government budget. Its major aim is to identify how the capital market can contribute, and in turn, benefit from the budget and its implementation. Source SEC Read More 

Average Yield Dips Marginally to 3.9% Amidst Oil Price Decline - Last week, the Nigerian Treasury Bills ("NT-Bills") market started off with panic sell-offs across the yield curve as investors reacted to the slump in oil prices amidst the global outbreak of COVID-19. Source Afrinvest Read More 

Bond Coupon Payment of c.N140bn Sparks a Slight Recovery in the Bonds Market - Despite the downward spiral of crude oil prices, the Bonds Market breathed a sigh of relief, as bids improved across the bond curve, halting the sell-off noticed over several days. The mid-end had the most axes (2027s, 2028s), as bond coupon payments of c.N140bn gave some liquidity respite to local investors. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

PEBEC To Focus On Agribusiness, Creative Industry, Tech, Light Manufacturing In 2020 - As part of efforts to improve the business environment in Nigeria and promote industry, the Presidential Enabling Business Environment Council, PEBEC will give priority to the Agribusiness, Creative Industry, Tech and Light Manufacturing sectors in 2020. Source WebTV Read More 

Visa-On-Arrival Issuance Drops By 39.8% - The number of visas on arrival issued at the Murtala Muhammed International Airport, Lagos in the last one month has dropped drastically due to the global outbreak of coronavirus, which has reduced foreign trips. Source Punch Read More 

Coronavirus Affecting Top US Two Busiest Ports - The Port of Los Angeles, the United States busiest port, has seen a 22.9 per cent decrease in handled containers for last month compared with the same month last year amid the coronavirus impact. Source TheNation Read More

Asian Stocks Fall In Volatile Session After Historic Wall St. Plunge - Asian shares fell on Tuesday in a topsy-turvy session following one of Wall Street's biggest one-day routs in history as headlines about the coronavirus outbreak and its global economic impact whiplashed investor sentiment.  Source Reuters Read More

12 Companies Apply For Micro Insurance Licences - Twelve operators have applied for micro insurance licences, as part of the financial inclusion drive in the country. The Central Bank of Nigeria disclosed this in its financial inclusion newsletter for the fourth quarter of 2019. Source Punch Read More

More Pain For Nigeria As Oil Sinks To $29 - With the international oil benchmark, Brent crude, falling below the $30 per barrel mark on Monday, the oil-dependent Nigerian economy has come under more pressure from the sharp drop in government's expected revenue. Source Punch Read More


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PROSHARE TECHNOLOGY  

Safaricom Waives Fees for M-PESA Transactions Below KSH1,000 - Safaricom Plc would like to thank the Central Bank of Kenya Governor Dr. Patrick Njoroge for hosting a meeting with Safaricom and other industry players to discuss the evolving situation around the COVID-19 (Coronavirus) pandemic. Source Safaricom With Additional Press Release by the Central Bank of Kenya Read More 

Slow Global Internet Connection Imminent Over Work-From-Home Policies, Streaming Demand - With many companies implementing a mandatory work-from-home policy as a precaution against coronavirus, widespread adoption could lead to global Internet connectivity issues, experts warn. Source Guardian Read More

 

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PROSHARE FINANCE 

Insurance Before And After The Virus - You may have been sold the idea of a Life Insurance policy, which gives life (hope) to your dependents in the event of your unexpected demise whether as a result of accident or illness, and you said "God forbid!" That remains our common response, though a few people have gone beyond it to say "Whatever be the case, we will accept it as the will of God". Source Ekerete Ola Gam-Ikon Read More


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