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Tuesday, March 17, 2020 / 06:40
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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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News on Economy
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 ₦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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