Stock Market Update:
The stock market appears to be the only source of comfort for Investors at the moment, it’s where the real palliative is in abundance. Yesterday, we reported that the market had recovered over N630 billion for Investors in the last 4 trading days, what a palliative!
Again, Nigeria’s equity market is off to an early gain, currently up by 1.52%, that’s massive for an hour plus 30 minutes of trade. FTSE (UK) – down by 2.06%, DAX (Germany) – down by 2.12%, CAC 40 (France) – down by 2.06% and Nikkei 25 (Japan) – down by 0.45%.
Click on the link https://bit.ly/2XrvIf9 to open a stockbroking/share purchase account and trade within 24 hours.
Oil Market Update:
Since the agreement of OPEC+ and other oil producers to cut oil production significantly, oil prices have not impressed as expected. The effective month of the agreement is May, as a result, Saudi and other major producers have left their tap opened to enable their oil flow into the market at heavily discounted prices. We expect this trend to continue at least till May.
Until then, most of Nigeria’s oil cargoes may remain stranded at sea looking for buyers at prices they can’t compete with Saudi & co., instability in reserves will persist and the fear of the next round of devaluation will continue to take refuge in our minds.
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.
Nigeria shouldn’t expect oil price rebound soon — Experts
Nigeria should not expect to see a significant increase in crude oil prices anytime soon despite the production cut deal by the Organisation of Petroleum Exporting Countries and its allies, industry experts have said. The international oil benchmark, Brent crude, fell by $1.78 to $29.96 per barrel as of 5.50 p.m. Nigerian time on Tuesday. Experts, who spoke with our correspondent in separate interviews on Tuesday, said the cut was not enough to prop up prices as supply glut remained in the market. Read more
Nigeria’s economy will contract by 3.4%, says IMF
The International Monetary Fund on Tuesday said the recession caused by the COVID-19 pandemic would be the worst economic downturn witnessed since the Great Depression. According to the IMF, Nigeria’s economy will contract by 3.4 per cent in 2020, but rebound with 2.4 per cent growth in 2021. Read more
60 Nigerian oil cargoes unsold despite price cut
A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters
reports. Read more
80,000 apply for CBN’s N50bn COVID-19 intervention fund
Three weeks after the Central Bank of Nigeria released the guidelines for the N50bn targeted credit facility, over 80,000 applications have so far been received from businesses and individuals. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed this during a media briefing in Abuja on Tuesday. Read more
Latest on the spread of the coronavirus around the world
More than 1.97 million people have been reported to be infected by the novel coronavirus globally and 128,445 have died, according to a Reuters tally as of 02:00 GMT on Wednesday. Read more
Trump cuts WHO funding over coronavirus, global death toll mounts
U.S. President Donald Trump on Tuesday halted funding to the World Health Organization over its handling of the coronavirus pandemic, drawing condemnation from infectious disease experts as the global death toll continued to mount. Read more
Oil climbs on bargain-hunting, hopes for purchases for reserves
Oil prices climbed on Wednesday, bouncing back from the previous session’s large losses, as investors looked for bargains and supported by hopes that consuming countries will look to fill their strategic reserves. Still, worries about oversupply amid global coronavirus-related lockdowns and a warning from the International Monetary Fund (IMF) about a deep recession kept gains in check. Read more
Asia shares take a breather, China cuts medium-term rates
Asian share markets took a breather on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business. China moved again to cushion its economy, cutting a key medium-term interest rate to record lows and paving the way for a similar reduction in benchmark loan rates. Read more
Dollar held back on virus hopes, yuan down after rate cut
The dollar nursed losses on Wednesday as investors cautiously stepped into riskier currencies after U.S. President Donald Trump edged toward rolling back some restrictions put in place to contain the coronavirus outbreak. The greenback also remains under pressure following heavy measures by the Federal Reserve to boost dollar supply, though analysts say it is too early for a full-scale retreat from safe-havens with the public health threat not yet fully contained. Read more
Divestment of Holdings: FBNH hereby notifies the market, in line with the Group’s strategic objectives, that it has commenced discussions with Sanlam (PTY) Limited (owners of the 35% equity of FBN Insurance Limited), with a view towards selling 65% holdings to Sanlam. Read more
Fidelity Bank Plc – Notice of Board Meeting and Closed Period for 2020 Q1 Accounts
Fidelity bank has announced that its board of directors will hold a board meeting on Thursday, 24 2020 to consider and approve the bank’s unaudited financial statement for the first quarter of the 2020 financial year. Read more