Economy, Finance And Business News Headlines: 7th April 2020

Economy, Finance And Business News Headlines: 7th April 2020
We may have fought this pandemic to a slowdown, now is the time to start talks about economic recovery. The number of cases in Nigeria is ‘trickling in’ so also is discharge, China has added more infections but there is a feeling that they can handle themselves and the slowdown in US shows glimmers of progress in the global battle against coronavirus.
The slowdown mode in numbers, between 2nd and 3rd April – deaths recorded globally grew by 13% compared to 7% growth it recorded between yesterday and this morning. Same trend with the U.S, death rates averaged over 20% throughout last week but has now waned to 13.51% as at this morning.

Oil Market Update:

In Nigeria, over N21 billion has now been raised by the private sector in less than a month to fight it, a stadium was converted into an isolation centre in ‘world record’ time to fight it, subsidy has now been removed all in efforts to fight it – ‘ode to COVID-19’.

Petrol subsidy gone forever, says NNPC

The era of subsidy on petrol is gone forever, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on Monday. Kyari, who spoke during a live programme on African Independent Television, stated that with the current fluctuations in global crude oil prices, the cost of refined products would be determined by market forces going forward. Read more

Stock Market Update:
FBN Holdings Plc has proposed to pay a final dividend of 38 kobo. The qualification date for the dividend is 20th April, 2020 and register of shareholders will be closed from Tuesday, 21st April to Wednesday, 22nd April 2020.

Nigeria’s equity market is currently up by 0.50%, FTSE (UK) – up by 2.26%, DAX (Germany) – up by 2.85% and CAC of France up by 3.04%. We expect this trend to be sustained on the back of a slow down in the COVID-19 pandemic.

Click on the link to open a stockbroking/share purchase account and trade within 24 hours.

Money Market Update:

Our money market fund is still open and yield is currently over 11.5%, reach out to our team to grow your cash. We are digital, we are working from home, we are online and we are active. You can also do deposits with us at a starting rate of 10%.

See below for more news headlines.




BREAKING: NCDC Confirms Six New COVID-19 Infections, Nigeria’s Total Cases Now 238
The Nigeria Centre for Disease Control (NCDC) has confirmed six new cases of coronavirus (COVID-19) in the country. In a tweet, the health agency says the total number of cases in Nigeria is 238 as of 9:30pm on Monday. It revealed that Kwara and Edo recorded two cases respectively while Rivers and the Federal Capital Territory (FCT) confirmed a case each. Read more
Nigeria to borrow $6.9bn from World Bank, IMF, AfDB
The Federal Government is to raise the sum of $6.9bn through external borrowing from the World Bank, the International Monetary Fund and the African Development Bank. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the coronavirus pandemic on the economy. Read more
No buyer has rejected Nigeria’s crude, says NNPC
No buyer of Nigerian crude oil has returned or rejected it despite the glut in global crude oil market, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, stated on Monday. Kyari explained that although some vessels carrying Nigerian crude were stranded recently, the commodity was not rejected, adding that the number of stranded vessels had reduced considerably. Read more
UN calls for debt alleviation, interest waivers
The United Nations has said debt alleviation must be a priority, including immediate waivers on interest payments for 2020 due to the coronavirus pandemic. The UN said nations must respond decisively, innovatively and together to suppress the spread of the virus and address the socioeconomic devastation that COVID-19 was causing in the world today. Read more
Oil rises 3% on hopes for output cut as coronavirus ravages demand
Oil prices gained on Tuesday as hopes rose that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected. Brent crude LCOc1 was up by 93 cents, or 2.8%, at $33.98 a barrel by 0431 GMT after falling more than 3% on Monday. U.S. crude CLc1 was up by 79 cents, or 3.03%, at $26.87 a barrel, having dropped nearly 8% in the previous session. Read more
Stocks – Europe Seen Higher; More Stimulus Expected – European stock markets are set to push higher Tuesday, following on from Monday’s strong gains, as investors look for more financial aid to help bolster the region’s battered economies. At 2:25 AM ET (0625 GMT), the DAX futures contract in Germany traded up 1.1%. France’s CAC 40 futures were up 1.9%, while the FTSE 100 futures contract in the U.K. rose 1.4%. Read more
Asian shares cautiously gain on virus hopes, dollar slips
Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Gains lacked Monday’s momentum, but were broad, even though global coronavirus cases kept rising and an economic crash on a scale not seen for generations looms large. Read more
Stocks – Dow Racks up 1,600 Point Gain on Signs of Covid-19 Slowdown – The Dow made a bold start to the week on Monday, racking up a more than a 1,600 point gain as traders cheered signs that measures to curb the Covid-19 pandemic in hard-hit areas like New York and New Jersey were taking shape. The Dow rose 7.73%, or 1,627.46 points. The S&P 500 gained 7.03% and the Nasdaq Composite surged 7.33%.
Pound Swings into Red Vs Dollar as PM Johnson’s Health Condition ‘Worsens’
The pound swung into the red against the dollar Monday on concerns about the health of U.K. Prime Minister Boris Johnson after he was moved into intensive care as his battle against Covid-19 intensified. GBP/USD fell 0.31% to $1.223. Just a day after being amitted into a hospital with what was reported as “persistent symptoms,” Johnson was moved into intensive care as his condition worsened, according to U.K media reports
Outbreak shows signs of leveling off in New York, New Jersey, but vigilance urged
The governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau in their states but warned against complacency as the death toll nationwide approached 11,000. Although coronavirus cases and deaths continued to mount, the governors cited data suggesting the rates of growth and hospitalizations were slowing, possibly signaling a peak was at hand in three U.S. epicenters of the pandemic. Read more

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