Nigeria in 1min: Economic, Business and Financial Headlines - 210420

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Tuesday, April 21, 2020 / 06:20 AM / By News Aggregator / Header Image Credit: @jidesanwoolu


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    COVID-19 Health Updates

    • On the 20th of April 2020, 38 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 665 cases have been confirmed, 188 cases have been discharged and twenty two deaths have been recorded in Nigeria
    • The 38 new cases are reported from eight states- Kano (23), Gombe (5), Kaduna (3), Abia (2), Borno (2), Sokoto (1), Ekiti (1), FCT (1).
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

     
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    PROSHARE ECONOMY 

    COVID-19 and the Construction Sector - It is no longer news that the disruption brought by COVID-19 has crippled economic activities, raising concerns of an impending recession for a Nigerian economy that is yet to fully recover from the 2016 economic slump. Already, the International Monetary Fund (IMF) has predicted a negative Gross Domestic Product (GDP) of 3.4% for the country. Source CSL Research Read More 

    Oil Prices Hit $26.45 for Brent Crude - A gruesome combination of crumbling demand for crude and global storage filled to its brim has pushed oil prices to levels not seen in over two decades. Source Michael Kern of Oilprice.com Read More 

    FIRS Announces Additional Palliative Measures in Response to COVID-19 Pandemic - Sequel to our Tax Alert Issue 3.6|March 2020 analysing palliative measures introduced by the Federal Inland Revenue Service (FIRS) and other agencies of the Federal Government, the FIRS has announced the following additional measures to further manage the impact of the Coronavirus disease (COVID-19) on taxpayers. Source KPMG Nigeria Read More

     

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    The Very Real Prospect Of $5 Oil - OIR 200320 - The rebound in oil prices on Thursday didn't last long as bearish sentiment once again took hold on Friday morning, with some analysts contemplating the possibility of $5 WTI. Source Oilprice Read More 

    Power Generation Falls To 3,757MW, Six Plants Idle - The nation's hydropower plants have seen their output levels tumble in the past few days, causing total power generation to drop below 4,000 megawatts. Electricity generation from Kainji, Jebba and Shiroro hydropower stations fell to 534MW as of 6am on Monday from 980MW on April 16, data from the Nigerian Electricity System Operator showed. Source Punch Read More 

    FG Extends Closure Of International Airports By Two Weeks - The Federal Government Monday said the closure of all the international airports in the country would be extended by two weeks due to the coronavirus pandemic. Source Vanguard Read More 

    Nigeria, Others Lost $100b To COVID-19, Says IMF - The International Monetary Fund (IMF) has said Nigeria, emerging markets and other developing economies have lost over $100 billion in portfolio flow reversals due to the COVID-19 pandemic. Source TheNation Read More


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    PROSHARE MARKETS

    Investors Lose N612.93mln as NSEASI Dips by -0.01% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.01% to close at 22,920.41 points as against 1.63% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.61%.  Source Proshare Markets Read More

    Ongoing Lockdown Induces Slowdown in Commodities Market - AFEX Commodities Weekly Report 160420 - The AFEX Commodities Index composite closed at 161.65 points maintaining its price point for the last three weeks as activities have slowed down on the Exchange due to the lockdown directives by the Government. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

    FLOURMILL CP Available; T-Bills Secondary Market Witness Bullish Run on Buoyant Liquidity - Last week's 4-day trading session started on a quiet note as investors remained on the sidelines in anticipation of the Primary Market Auction ("PMA") scheduled for Wednesday. However, there was an uptick in demand on Thursday as a result of buoyant system liquidity (c. N600.0bn long) as well as investors with lost bids at the auction (N76.5bn) cherry picking instruments across the curve. Source Afrinvest Research Read More 


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    PROSHARE BUSINESS  

    Reports You Can Find On The CoronaWatch Central Page Powered by Proshare - The CoronaWatch Central Page powered by Proshare is essentially a dedicated page where latest data  on COVID-19 is made available. Source Proshare Read More 

    Directors Duties in The Context Of COVID-19 - The current evolving circumstances surrounding COVID-19 present many challenges to companies, boards, management and their stakeholders. In a short space of time, companies will be required to focus on and, most likely, recalibrate aspects of their corporate strategy, risk-management framework, and funding and capital management strategy - among other things. Source ASIC Commissioner John Price Read More 

    Customs Seized Contrabands Worth N1. 177bn In Q1 - The Nigeria Customs Service (NCS), Ogun Area Command I, has disclosed that it intercepted contrabands with Duty Paid Values (DPV) worth about N1. 177billion in the first quarter of this year. Source Dailytrust Read More 

    Glut Sends Oil Prices Negative, Wall Street Down - US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery closed at -$37.63 a barrel. Source Punch Read More 


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    Virgin Atlantic May Fold Without State Help - Branson - British tycoon Richard Branson has warned that his part-owned airline Virgin Atlantic will collapse unless it receives financial aid from the UK government to weather the coronavirus crisis. Source Punch Read More 

    CACOVID Set To Distribute Food Items To 1.7m Vulnerable People In 774 Local Govts - The private sector-led Coalition Against COVID-19 (CACOVID-19) has concluded plans to distribute food items to at least 1.7 million vulnerable people in Nigeria to complement governments' effort s in cushioning the economic consequences of the coronavirus pandemic in the country. Source Vanguard Read More 

    U.S. Energy Industry Steps Up Lobbying For Fed's Emergency Aid: Letters - The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters. Source Reuters Read More


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    PROSHARE FINANCE 

    Why Did The World Shut Down For COVID-19 But Not Ebola, SARS Or Swine Flu? - When reports of a new virus circulating in China's Hubei province first began to emerge, I was cautious about overreacting. I've reported on health long enough to know that just because a pathogen is new doesn’t necessarily mean there's a crisis. Source ABC News Read More

     

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