Nigeria in 1min: Economic, Business and Financial Headlines - 200320

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Friday, March 20, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: WebTV

  

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PROSHARE ECONOMY 

What's Really Happening In Oil Markets? - Whether you are relatively new to the oil market or a seasoned veteran, I am willing to bet you haven't seen many days like today. Wednesday the 18th of March 2020 is going to go down as one of the worst days in oil market history. WTI collapsed by over 23 percent, the third-largest daily price decline since records began, and experts expect it to go lower still. Source Oil Price Read More 

Cash Injection Due for Struggling Institutions; FGN Promissory Notes Amounted to N968bn - A rising proportion of the FGN's domestic debt consists of promissory notes issued to clear arrears. These notes amounted to N968bn (US$2.64bn) at end-February or about 6% of the burden and could rise to a maximum of N2.7trn, dependent upon the verification of claims by the DMO and the National Assembly. Source FBNQuest Research Read More 

Reduction in PMS - A Nod to the Deregulation of the Downstream Sector? - The presidency yesterday announced a reduction in the price of Premium Motor Spirit (PMS) to N125 from the current price of N145, necessitated by the fall in crude oil prices. Brent crude oil prices have fallen by c.64% since the beginning of the year, implying a reduction in the landing cost of PMS. Source CSL Research Read More 

COVID-19 Pandemic and Latin America and the Caribbean: Time for Strong Policy Actions - COVID-19 is spreading very quickly. This is no longer a regional issue-it is a challenge calling for a global response. Countries in Latin America and the Caribbean have been hit later than other regions from the pandemic and therefore have a chance to flatten the curve of contagion. Source IMFBlog Read More 

Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020 - The Transport fare Watch report for February 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More 

Dollar Exchanges For N374 - The naira exchanged to the dollar for between N372 and N374 at the Bureau De Change segment of the market on Thursday. The naira had recently suffered some beating due to the impact of the coronavirus in the global economy, which led to the fall in the international crude oil price. Source Punch Read More 

Oil Rises To $28 As Trump Considers Intervention - The international oil benchmark, Brent crude, halted its losing streak on Thursday, trading around $28 per barrel as the United States President, Donald Trump, said he might intervene in the price war between Saudi Arabia and Russia. Brent, against which Nigeria's crude is priced, fell to a 17-year low of $24.89 per barrel on Wednesday but rose to $28.78 per barrel on Thursday as of 7.50pm Nigerian time.Source Punch Read More 

PPPRA Opts for Full Deregulation of Petroleum Price - The Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Mr. Abdulkadir Saidu, thursday disclosed that the pump price of petrol, will henceforth be determined by market forces. Source Thisday Read More 

Power Generation Down 5.52% In Q3'19 As Constraints Persist - Total electric energy generated in the third quarter of 2019 (Q3'19) dropped by 5.52 percent from the second quarter (Q2'19) despite increase in available generation units because of persistent infrastructural challenges confronting the power sector. Source Vanguard Read More


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PROSHARE REGULATORS 

NSE Proposes Amendments to Rules on Related Parties, Closed Periods and KYC - The following proposed Rule Amendments, are exposed for comments. Your participation is requested by way of reviewing the proposed Rule Amendments, and providing your comments thereon. Source NSE Read More

 

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PROSHARE MARKETS

Coronanomics: AGMs Could Be Held Up In 2020 - Company's listed on the Nigerian Stock Exchange (NSE) may soon find themselves shifting the dates of their annual general meetings (AGMs) or simply craft intelligent ways of holding such meetings in cyberspace. Source Proshare Read More 

Rates At T-Bills Primary Auction Closes Lower, Despite Low Crude Oil Prices - The Bonds Markets pulled back its recent gains, as yields rose across the bond curve following weak global market sentiments. Yields repriced higher opening the market, as global oil prices continued to fall as much as 12.00%. Source Zedcrest Capital Read More 

Investors Lose N370.55bn; NSEASI Dips By -3.12%; Thanks to Big CAPs - Equities market closed today on a negative note, as NSEASI depreciated by -3.12% to close at 22,078.58 points as against +1.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.75%. Source Proshare Markets Read More 

COVID-19: NSE Advises Companies to Put Adequate Precautionary Measures In Place Ahead of 2020 AGMs - Following the outbreak of the Novel Coronavirus (COVID-19) and pursuant to the provisions of Rule 19.1: Rules Relating to Board Meetings and General Meetings of Issuers, Rulebook of The Exchange, 2015 (Issuers' Rules), The Nigerian Stock Exchange (The Exchange) wishes to advise all listed companies that plan to hold their Annual General Meetings (AGM) to put in place adequate precautionary measures to ensure the safety of all stakeholders at the meetings. Source NSE Read More 

Yields Continue to Recover, as the CBN Records a NO SALE at the OMO Auction - The Bonds Markets continued its recovery in today's session, as bids continued to improve across the bond curve. As oil prices continue to nose-dive, we continued to see significant selling by Foreign Portfolio Investors, especially the mid- (2028s & 2029s) to long-end (2049s), as they looked exit their exposure to government debt instruments. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

AfCTA: NASME To Tackle Challenges Of Sub-Regional Trade - The Nigerian Association of Small and Medium Enterprises has said it will address the challenges of the African Continental Free Trade Agreement in relation to the Micro, Small and Medium Enterprises during its international summit scheduled to hold in Owerri next week. Source Punch Read More 

Covid-19: Aviation industry to lose N160bn, 22,200 jobs - The disruption to air travel due to the continued spread of coronavirus will cost Nigeria's aviation industry over N160.58bn (using Bureau de Change rate of N370 to $1) ($434m) in revenue and 22,200 jobs, the International Air Transport Association has said. IATA said on Thursday that the country would also lose approximately 2.2 million passengers. Source Punch Read More 

NLC May Halt Shipping Companies' Operations - The Nigerian Labour Congress (NLC) may declare a state of emergency on Nigerian shipping companies and force their operations to a standstill following their refusal to engage the Maritime Workers Union (MWUN) in a meeting on how to increase workers' remuneration. Source Thisday Read More 

U.S. Senate Will Seek Deal On $1 Trillion Coronavirus Economic Aid Package - U.S. Senate Majority Leader Mitch McConnell introduced emergency legislation on Thursday to stem the economic fallout from the coronavirus pandemic, and Republicans and Democrats agreed to meet on Friday to seek an agreement. Source Reuters Read More


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PROSHARE TECHNOLOGY   

MTN Uganda To Pay $100m For Licence Renewal - MTN Uganda has reportedly agreed to pay $100-million to renew its operating licence that expired in October 2018. The Uganda Communications Commission (UCC) has given the company temporary extensions pending the renewal of its licence and had initially approved the amount of $58 million for the renewal. Source Broadcast Media Africa Read More 

Nigerian National Broadband Plan 2020-2025 - Nigeria is the largest mobile telecommunications market in Africa, largely based on rapid development following the successful auction of Digital Mobile Licenses (DML) in 2001. As at December 2019, the market served over 184 Million Mobile lines, with 126 Million of those lines connected to Internet services. Source Federal Ministry of Communications and Digital Economy Read More


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PROSHARE FINANCE

Lagos Traces 1,300 As Cases Hit 12, FG Shuts Varsities, Others - The Lagos State Government on Thursday confirmed four new coronavirus cases, bringing to 12,  the total number of cases in the country. The state Commissioner for Health, Akin Abayomi,  who disclosed this at a press conference in  Ikeja, also said the Italian, who was the first person in the country to be diagnosed with the disease,  had tested negative. Source Punch Read More  

 

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