Nigeria in 1min: Economic, Business and Financial Headlines - 160320


Monday, March 16, 2020 / 06:35 AM / By News Aggregator


Click Here To Read Latest News Updates



Dow Futures Have Tumbled 1,000 Points Because Cutting Interest Rates to Zero Is Not Enough - After a Friday respite, the stock market was tumbling again before getting halted after the Federal Reserve cut interest rates to near zero to combat the impact of coronavirus. Dow Jones Industrial Average futures have dropped 1041 points, or 4.6%, while S&P 500 futures have slumped 4.8%, and Nasdaq Composite futures have fallen 4.6%. The yield on the 10-year U.S. Treasury note fell 0.308 percentage point to 0.648%. Source Barron's Read More 

U.S. Offered 'Large Sum' to German Company for Access to Coronavirus Vaccine Research, German Officials Say - The United States says it will share any vaccine breakthroughs with the world, but German officials appeared rattled by its reported overture to a biotech firm. Source The New York Times Read More 

What's Priced In as Markets Are Positioned for a U.S. Recession - Bloomberg's own recession-probability indicator, based on signals from the yield curve, shifted to show a better than 50% chance of  an economic slump within the next 12 months as of the end of February. With bonds far outperforming stocks since then, it is clear that the markets now are positioned for a recession in the U.S. this year. Source Bloomberg Read More

U.S. Death Toll Hits 65 From Coronavirus, Fed Cuts Rate, NYC Will Shutter Restaurants, Bars, Theaters - With panic buying on Main Street and fear-driven sell-offs on Wall Street, the U.S. Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy amid the rapidly escalating coronavirus pandemic.  Source Reuters Read More

Stocks Reel As Fed Leads Global Rescue Effort For Markets - Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets. Source Reuters Read More

Fed Cuts Main Interest Rate to Near Zero, Vows Massive Bond-Buying Program - The Federal Reserve swept into action on Sunday to save the U.S. economy from the fallout of the coronavirus, slashing its benchmark interest rate by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion. Source Bloomberg Read More

Federal Reserve Cuts Rates To Zero And Launches Massive $700 Billion Quantitative Easing Program - The Federal Reserve, saying "the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States," cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus. Source CNBC Read More 

Public-Private Partnerships a step to Sustainable Power Supply in Africa - Africa has been in search of a solution to the persistent energy crisis. Funding from the World Bank, IMF and other multilateral financial institutions have helped in curbing this problem. Source FDC Read More 

Weakening Global Demand Could Keep Grain Prices Depressed - The Covid-19 pandemic has resulted in a more than proportionate impact on global commodities and financial markets. Containment has been ineffective and the oil markets are still in a free fall. Source FDC Read More 

FAAC Disburses N716.30bn in January 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N716.30bn to the three tiers of government in January 2020 from the revenue generated in December 2019. Source NBS Read More 

Prepare For Bankruptcies, Layoffs And A Drilling Slowdown - OIR 130320 - Oil prices have fallen nearly 50 percent since the start of the year and the short-term outlook isn't looking very promising as OPEC and Russia continue to boost supply. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Mar 13, 2020 - While the corona virus and its impact on financial markets remained the global theme, the hum on a potential currency devaluation by CBN took the central stage in the domestic scene. Source ARM Read More 

Oil Crash: Nigeria May Lose $8.63bn In Six Months - Nigeria's economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months. Source Punch Read More 

Solid Minerals Earnings Hit N69.47bn - NEITI - Nigeria earned N69.47bn from the solid minerals sector in 2018, the country's highest earnings from the industry in 12 years, an audit report released on Sunday by the Nigeria Extractive Industries Transparency Initiative stated. Source Punch Read More 

Ghana Closes Borders for Arrivals From Coronavirus-Hit Countries - Ghana is closing its borders to travelers from countries with more than 200 cases of the coronavirus as the West African nation seeks to prevent contagion of the disease. Source Bloomberg Read More


Click Here to Read More News on Economy


 Proshare Nigeria Pvt. Ltd.



What To Expect From The Markets This Week- 160320 - Against the unrelenting naira asset sell-offs by foreign investors, capital flows into Nigeria's economy tempered in Q4-19 by 32.4% q/q to USD3.80 billion, on account of global growth concerns, volatile crude oil prices, and an unimpressive domestic macro landscape. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 130320 - The equities market recorded mixed performance - the listed equities market recorded -13.49% loss WoW while the NASD OTC recorded gain of +2.14%. Source Proshare Read More 

Investors Lose N1.85trn WoW as NSEASI Dips by -13.49% to Close the Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 22,734.07 points as against -3.72% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.30%. Source Proshare Markets Read More 

Interbank Rates Plunge as FX Retail Refund Impacts Positively on System Liquidity - The Bonds Market maintained its bearish trend, as offers continued to improve across the bond curve. The significant drop, to already depressed crude oil prices fueled more sell-off by market players, especially on the mid-(2029s) to long-end (2049s) of the curve. Yields expanded by an average of c.76bps across the benchmark bond curve. Source Zedcrest Capital Read More 

Angola to Sell 30% Stake in Sonangol by 2027 - The Angolan economy has been rather tepid, with declining oil output leading to lower government revenue and economic depression. Following these unfavourable events, the government has decided to privatize its key assets by 2022, in a bid to boost local manufacturing and production. Source FDC Read More 

South Africa Slips into Recession - GDP figures recently released for South Africa revealed that economic growth contracted by 1.4% in the fourth quarter of 2019. This is coming after the third quarter GDP 2019 result was revised to show a contraction of 0.8%. Source FDC Read More

Africa's Economy and Coronavirus: Business as usual? - In recent times, talks around the world have shifted away from the trade war/truce between U.S and China to the spreading impact of the viral disease - Coronavirus (COVID-19) that has swept into at least 114 countries and killed more than 4,000 people. Source United Capital Research Read More 

NASD OTC Market CAP Increased By 2.14% WoW to Close At N508.76bn - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, March 13 2020 with a positive movement in Market capitalisation and NSI against preceeding Friday, March 06 2020 . The NSI and Market capitalisation closed the week  at 707.65 points and N508.76 billion respectively.  Source NASD Read More

Click Here to Read More News on Markets


 Proshare Nigeria Pvt. Ltd.



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

Services Weaken as COVID-19 Hits Global Economy - Growth in global services trade continued to weaken toward the end of 2019 as well as in the first quarter of 2020, according to the latest World Trade Organisation's (WTO's) Services Trade Barometer. Source Thisday Read More

Statement By President Cyril Ramaphosa On Measures To Combat COVID-19 Epidemic - I am addressing you this evening on a matter of great national importance. The world is facing a medical emergency far graver than what we have experienced in over a century. Source Presidency of the Republic of South Africa Read More


Click Here To Read More News on Business


 Proshare Nigeria Pvt. Ltd.



Africa CDC Policy Recommendation for AU Meetings and Travel During COVID-19 Outbreak - Social distancing is an accepted strategy to delay and diminish outbreaks of respiratory infections, such as influenza. Similar to influenza, the novel coronavirus disease (COVID-19) can be readily transmitted human-to-human through respiratory droplets and contact with a contaminated surface. Source Africa CDC Read More 

Africa CDC Guidance on Community Social Distancing During COVID-19 Outbreak - In Africa, the number of COVID-19 cases and impacted countries has been increasingly steadily. As of 12 March 2020, 129 cases have been diagnosed in 12 countries, with one death recorded. Source Africa CDC Read More 

Standardization, Key To Bringing Certainty To Non-Interest Finance Market - Tosin Ajose - The Standardization of documentation in the Islamic Finance industry will lead to certainty and increased growth in the non-interest finance market said Tosin Ajose, Lead Advisor, DealHQ Partners in an interview with Islamic Finance Weekly. Source WebTV Read More 

Click Here to Read More News on Finance

 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd. Proshare Nigeria Pvt. Ltd.

Click Here To Watch More Videos 

Related News

1. What To Expect From The Markets This Week- 160320

Related News