Stock Market Update:
Nigeria’s equity market is currently up by 0.26%, FTSE (UK) – up by 0.54%, DAX (Germany) – up by 0.98%, CAC 40 (France) – up by 0.20% and Nikkei 25 (Japan) – down by 0.04%.
Oil Market Update:
Major oil producers led by Saudi Arabia (OPEC+), Russia (non-OPEC) and United States will meet today via a video conference and also a G20 energy ministers’ video conference on Friday, 10th April 2020. The purpose of the meeting is to discuss ways to potentially cut global crude oil production by 10 million bpd.
The outcomes of their meetings are crucial for the stability of global oil prices, Nigeria’s foreign reserves and the Naira. However, the proposed cut may not be effective enough to position oil prices for appreciation for long because of looming weaker demand projected to hit 20 million bpd in Q2. In the least, the agreement to cut production will eliminate the price war between the two major oil producers which has been one of the factors responsible for the crash in oil prices.
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%.
Nigeria’s COVID-19 cases are now 276, compared to other developed countries, that shouldn’t be a worry. However, the rate at which it’s doubling should worry us all. Nigeria is now doubling every 11 days and two of the countries that share the same borders with us are also currently doubling every 3 days (Niger) and 4.5 days for Cameroun.
You would recall that Nigeria’s first case was confirmed on 27th February 2020. On the same day, UK had just 15 cases but now they have over 60,000 cases. Spain had just 22 cases but now have over 148,000 cases.
Our position isn’t that bad but we need to patiently stay at home to kill the transmission.
Click on the link https://bit.ly/2XrvIf9 to open a stockbroking/share purchase account and trade within 24 hours.
The Nigeria Center for Disease Control (NCDC) has confirmed 22 new cases of the COVID-19 in Nigeria, bringing the total number of infections in the country to 276. According to the NCDC, 15 are in Lagos, four are in the FCT, two are in Bauchi, while the other is in Edo. A breakdown of the cases in each of the states shows that Lagos now has 145 cases, the FCT Abuja 54, Osun 20, Edo 12, Oyo 11, Bauchi eight, Akwa-Ibom and Kaduna five each, four in Ogun, two each in Enugu, Ekiti, Kwara and Rivers states, while Ondo, Benue, Katsina and Delta states have one case each. Read more
FG slashes budget, sends to National Assembly for review
The Federal Government has revised downward the revenue projection for the 2020 budget by N3.3tn from the initial approved amount of N8.41tn to N5.08tn. The revised revenue projection is contained in a proposal sent to the National Assembly by the executive. Read more
FG’ll divert N457bn petrol subsidy to other sectors –NNPC
The Federal Government will divert N457bn provided for petrol subsidy in the budget to other sectors of the economy, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. He also disclosed that the corporation would not be involved in running refineries after they must have been rehabilitated. Read more
Fire guts Accountant General unit’s office, FG orders probe
The Capital Unit of the Treasury House where the Office of the Accountant-General of the Federation is located was on Wednesday gutted by fire. The Treasury House is the headquarters of the OAGF. The fire started at about 10am from the fourth floor of the six-storey edifice. The Capital Unit in the Accountant-General’s Office is where capital releases to Ministries, Departments and Agencies of government are made. Read more
Fix refineries before petrol subsidy removal – PENGASSAN, NUPENG
The National Union of Petroleum and Natural Gas Workers has said any deregulation in the petroleum sector that is still dependent on importation of oil would affect the economy negatively. The union’s General Secretary, Afolabi Olawale, said this in a telephone interview with our correspondent. Read more
Oil prices rise on optimism OPEC+ meeting will result in supply cut
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. Read more
Sub-Saharan Africa to fall into recession in 2020, says World Bank
The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the coronavirus will cost sub-Saharan Africa $37 billion to $79 billion in output losses this year due to trade and value chain disruption, among other factors. Read moreFed’s Powell to update on economy and coronavirus crisis response
Federal Reserve Chair Jerome Powell – one of the key architects of the unprecedented effort underway to shield the U.S. economy from the coronavirus outbreak – may shed more light on the Fed’s assessment of the still-unfolding crisis in a live webcast on Thursday morning. Hosted by the Brookings Institution in Washington, Powell will deliver prepared remarks at 10 a.m. (1400 GMT) and then participate in a virtual question and answer session to discuss the Fed’s moves last month to slash interest rates and enact a wide array of emergency measures. Read more
Asian Markets Mixed Ahead of Release of U.S. Unemployment Data
Asian stock markets were mixed on Thursday as investors await the release of the weekly U.S. unemployment data later in the day. Forecasts prepared by Investing.com suggest that as many as 5.25 million Americans claimed unemployment benefits in the past week. Almost 10 million Americans have already been laid off in the preceding two weeks. Japan’s Nikkei 225 slid 0.47% by 10:35 PM ET (3:35 AM GMT) as the country began its second day of the state of emergency declared by Prime Minister Shinzo Abe on Tuesday.
Access Bank Plc – Notice of Board Meeting and Closed Period for Q1 2020
A meeting of the board of directors has been scheduled Thursday 23, 2020 to consider and approve the company’s unaudited financial statement for the quarter ended March 31, 2020. Read more
Custodian Investment Plc – Notice of Annual General by Proxy
NOTICE IS HEREBY GIVEN that the 25th Annual General Meeting of CUSTODIAN INVESTMENT PLC (the Company) earlier scheduled for Wednesday, April 15, 2020 has been postponed to Thursday, April 30, 2020 due to COVID-19 Pandemic, and will hold at The Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos at 12noon, to transact certain businesses. Read more