Economy, Finance, Business News Headlines & Insights: 20th April 2020

Stock Market Update:

Nigeria’s equity market is off to an early gain, currently up by 0.36%. FTSE (UK) – down by 1.18%, DAX (Germany) – down by 1.42%, CAC 40 (France) – down by 1.48% and Nikkei 25 (Japan) – down by 1.15%.

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

Oil Market Update:

Following our series of update on events in the global oil market and Nigeria’s Bonny Light, the real spot price of Nigeria’s Bonny Light may have now hit $12-13 according to a report by Bloomberg.

The current futures price of Bonny Light is $22.32 after gaining close to 5% over the weekend. Typically, it’s futures price of oil that’s quoted for reporting because that’s usually the price at which agreed oil supplies are executed. Futures price is a strategy used in oil-storage trade. The premium between the futures price and spot price on Bonny Light is expected at this time since Nigeria is struggling with storage among other challenges.

We will address in details the difference between these two prices in subsequent updates.

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%.

Click to subscribe to our money market fund


Headlines and Corporate Disclosures:


BREAKING: NCDC Confirms 86 New Cases Of COVID-19 In Nigeria

Eighty-six new cases of COVID-19 have been confirmed by the Nigeria Centre for Disease Control (NCDC), taking Nigeria’s total infections to 627. The NCDC confirmed this late on Sunday via a statement on Twitter. According to the agency, of the 86 new cases, seventy were in Lagos, seven in FCT, three in Katsina, three in Akwa Ibom, one in Jigawa, one in Bauchi and one in Borno. Read more


Latest on the spread of the coronavirus around the world

Reported cases of the coronavirus have crossed 2.38 million globally and 164,918 people have died, according to a Reuters tally as of 0200 GMT on Monday. Read more


Nigeria, others need $114bn to fight COVID-19, says IMF

Nigeria and other African countries need an estimated $114bn to fund the campaign against the outbreak of the coronavirus disease on the continent. This was disclosed in a statement posted on the website of the International Monetary Fund on Sunday. The fund is meant to provide the front-line health services, support the poor and vulnerable, and keep economies afloat in the face of the worst global economic downturn since the 1930s. Read more


Petrol subsidy removal, a game-changer — LCCI

The Lagos Chamber of Commerce and Industry has said the decision by the Nigerian National Petroleum Corporation to put an end to fuel subsidy will be a game-changer for the oil and gas sector and the economy. The Director-General, LCCI, Dr Muda Yusuf, said in a statement on Sunday that the impact on the economy would be invaluable. Read more


Dollar firm as caution creeps back; kiwi jumps as lockdown to ease

The dollar found support on Monday as global growth fears hit oil prices and commodity currencies, while the New Zealand dollar rose on news that the government will begin to relax strict virus containment measures from next week. Read more


U.S. oil off lows after falling over 20% to levels unseen since 1999

Crude oil futures fell on Monday, with U.S. futures dropping more than 10% to levels unseen since 1999 amid concerns that U.S. storage facilities will soon be brimful with demand evaporating due to the coronavirus pandemic. The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity due to slumping demand. Read more


Asia shares turn cautious before earnings, U.S. crude crushed

Caution gripped Asian share markets on Monday amid expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdowns, while a glut of supply sent U.S. crude spiraling to 20-year lows. Read more.


China’s fiscal revenue plunges 26.1% as virus ravages economy

China’s fiscal revenue tumbled 26.1% in March from a year earlier, officials said on Monday, extending the previous month’s slump as the coronavirus pandemic ravaged the economy. Fiscal revenues fell 14.3% in the first quarter from a year earlier to 4.598 trillion yuan ($649.75 billion), Liu Jinyun, an official at the finance ministry said, attributing the decline to the coronavirus outbreak and tax relief offered. He expected the revenue to fall in the second quarter. Read more


With economy in crisis, U.S. lets importers delay some tariff payments

The Trump administration on Sunday said it would allow importers hit by the national health crisis to defer for three months any tariff payments they owe the government. The measure aims to help businesses hit by the coronavirus pandemic, which has put millions of Americans out of work and is widely seen pushing the economy into a deep recession. Read more


UK not thinking of easing virus lockdown measures yet: minister

Britain is not considering lifting its lockdown imposed almost four weeks ago to control the coronavirus outbreak given “deeply worrying” increases in the death toll, a senior minister said on Sunday. Britain is at or near the peak of a health crisis in which more than 15,000 people have died – the fifth highest national death toll of a pandemic linked to at least 150,000 deaths worldwide. Read more


Veritas Kapital Assurance Plc – Notice of Board Meeting and Closed Period for 2020 Q1 Accounts

Notice is hereby given that a virtual meeting of the Board of Directors of Veritas Kapital Assurance Plc (the Company) will be held on Thursday, April 23, 2020 by 10:00 a.m. to consider and approve the Quarter 1 2020 unaudited financial Statements. Read more


Corporate Disclosures:

UAC of Nigeria Plc Audited Financial Statements for the Period ended 31 December 2019- see details


Unilever Nigeria Plc Unaudited Interim Financial Statements For the Three Months ended 31 March 2020- See details

Share this post

Post Comment