DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 6402

TrustBanc Daily Stock Market Scorecard, 6th April 2020

0

“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” words of Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

The meeting scheduled to agree a deal today has now been moved to Thursday. Oil prices took a hit for the postponement as Brent and WTI nosedived.

Banking stocks dominated the gainers’ and turnover chart but could not rescue the All Share-Index (ASI) from the Bears. The ASI lost 2.02% to increase the year-to-date loss of the market to 23.00%. Except for the ASI, all other market indicators closed in green. See the image below for a complete snapshot of market performance.

Market Breadth: The breadth of the market was very strong today as positive sentiments dominated the first day of trade in the new week. ACCESS led the chart of 21 gainers and NAHCO lost 10% to lead the chart of 13 losers. See the list of top gainers or losers below:

Market Turnover: market activities almost doubled in volume and grew by 38.6% in value to set the new week off to a positive start. Investors were heavily involved in the shares of GTB, striking decent bargains at N18.02. See top 10 traded stocks below:

Have a good evening.

The Doctors’ Letter

0

Nigeria is a fascinating place. Yes, the government is bringing in Chinese medical doctors to help us fight coronavirus in the nation. China makes our chewing sticks, our phones, and are now on the path to help our citizens on their medical needs. 

Sure, there is nothing wrong when doctors move around to help, co-learn or support colleagues. Yet, we need to understand that this one is different: the government did not inform the Nigerian Medical Association (NMA). That is typical with successive Nigerian governments – we never appreciate anything at home or from home. Simply, the best is always “abroad” or “foreign”. 

Recently, the World Health Organization (WHO) commended Nigerian doctors for how they are managing this pandemic. They have recorded the least fatalities per number of admitted patients when benchmarked globally. They have worked with donors to set up facilities. In short, Nigeria holds the record of being the “fastest operator” on turning a stadium into an isolation center!

Then, one afternoon, out of nowhere and despite good progress on the grounds, and  without any consultation, you are bringing in outsiders to tell the same people that outsiders are always better. We need to apologize to our doctors; NMA President had spoken well:  “It is a thing of embarrassment to the membership of the Association and other health workers who are giving their best in the fight against Covid-19 pandemic under deplorable working conditions, and a fragile health system to be subjected to the ignominy of not being carried along in arriving at such a decision.”

Read the Full Statement Below

(1) The Nigerian Medical Association (NMA) received the news of the intention of the Federal Government of Nigeria to invite Chinese doctors into the country at this time of a global pandemic with great dismay and utter disappointment.

(2) It is a thing of embarrassment to the membership of the Association and other health workers who are giving their best in the fight against Covid-19 pandemic under deplorable working conditions, and a fragile health system to be subjected to the ignominy of not being carried along in arriving at such a decision.

(3) The lack of Personal Protective Equipment (PPE), grossly inadequate test kits and test centres across the country, and the absolute lack of any form of insurance for the workforce are primordial issues begging for attention at this time.

(4) We are therefore profoundly dismayed to learn that the Federal Government is instead inviting the Chinese who from available accounts are not out of the woods themselves. The spike in cases and the death toll from COVID -19 in Italy coincided with the arrival of the Chinese in the guise of offering assistance. Even the United Nations has only just recently commended the efforts of Nigeria so far.

(5) The Association notes with grave concern that the Government did not take into consideration the extant laws regulating the practice of medicine in Nigeria as enshrined in the Medical and Dental Council Act. This is one such circumstance where the Medical and Dental Council of Nigerian should be consulted to grant necessary approvals to foreigners to interact with Nigerian patients.

(6) The Association appreciates the commendable work done by doctors and health workers at the Nigerian Centre for Disease Control (NCDC) and the various isolation centres across the country. It expects the Government to show appreciation by channelling the available resources and donations to improving testing facilities to detect more cases and ramp up capacity to train more workers.

(7) The Association is aware of a large pool of General Medical and Specialist Practitioners who are either unemployed or underemployed that can be engaged instead of bringing foreigners who aside from national security concerns may not be conversant with our culture, terrain and peculiar challenges.

(8) The Association believes that this invitation is ill-timed and of no overbearing significance considering that whatever experiences the Chinese have can be shared by digital technology through conferencing bearing in mind that Dr Chikwe Ihekweazu has only just returned from China. We are not averse to the donation of equipment and supplies because we can always do with such support as even the developed countries receive support.

(9) In rejecting the invitation of the Chinese doctors, the NMA would instead urge the Federal Government to review and approve better welfare incentives to the frontline medical personnel. The provision of adequate personal protective equipment, opening and properly equipping more isolation centres and health facilities across the country is an excellent first step. Deploying more resources to facilitate testing as we are beginning to witness community transmission of COVID 19 is equally a better application of scarce resources.

(10) The Government should declare a state of emergency in the Health sector and use the opportunity to fix our health institutions as a matter of urgency in a bid to stem the rot.

(11) The NMA urges the Government to expand the Presidential Task Force to include other critical stakeholders including journalists and the civil society to ensure more robust engagement especially as the decisions of the task force has implications for the health, wealth and security of our country.

(12) It is a great disservice to the morale of the long-suffering frontline health workforce if the Government goes ahead to invite these Chinese doctors. The invitation demeans their sacrifices so far in this pandemic. We fail to see how the 18 man team would impact the current efforts in any significant way.

(13) The Association, however, expects that the Government would rescind the decision in the overall interest of the country.

(14) The NMA would loathe reviewing her participation in the fight against COVID-19 considering the grave implications and the risk to the lives of her members should the Government go ahead with this ill-thought-out invitation at this time.

(15) The Association remains committed to the Nigerian people and the Government. We support the efforts of our frontline health workers in the fight against the COVID-19 pandemic, and we expect reciprocal trust from the Government.

Signed: Dr. Francis A. Faduyile
NMA PRESIDENT.

Economy, Finance And Business News Headlines: 6th April 2020

0

COVID-19 Update:

COVID-19 has now sickened more than 1,200,000 people, a growth of 20% from Friday’s 1 million. As of Monday morning, at least 68,841 people have died, and the virus has been detected in at least 171 countries as China reports 39 new coronavirus cases.

In the U.S., the growth remains double-digit though it’s now in a slowdown mode. The number of infections grew by 38.18% and deaths by 56.64% to 9,655 from 6,164 reported on Friday.

As at 09:30 pm 5th April there are 232 confirmed cases of #COVID19 reported in Nigeria. Thirty-three have been discharged with five deaths.

Oil Market Update:

In anticipation of today’s meeting (before it was postponed to 9th April), prices of different oil grades rose sharply last week, with brent seeing over 30% surge and Nigeria’s bonny light gained over 20%.

The decision of OPEC+ group and major oil producers will determine the faith of oil prices in the coming days and possibly months. Unlike in the past, where supply cut agreement was sufficient to move prices in their favour. This time, they are dealing with unprecedented demand disruption and destruction, close to half of the population of the world is locked down at home.

Their decision may reverse supply but there is very little it can do with demand. It cannot reverse factory shutdowns, restricted commuter travels and grounded flights, and with prolonged weak demand comes gloomy future for oil-producing countries like Nigeria.

JUST IN: A new report by Fitch has downgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to a ‘B’ rating. According to Fitch, the rating is reflective of the current pressure on Nigeria’s external reserves due to the Coronavirus pandemic as well as the recent plunge in global oil prices.

Stock Market Update:

Nigeria’s equity market is currently up by 0.26%, FTSE (UK) – up by 2.22%, DAX (Germany) – up by 4.42% and CAC of France up by 3.62%.

Headlines:

Pressures mount on Naira as external reserves heads below $34bn in April

The downward trend in the fortunes of the Naira last month is expected to persist this month even as the nation’s external reserves is expected to trend below $34 billion for the first time since September 2017. Read more

Report Forecasts 20% Drop in Diaspora Remittances
A Pan-African credit rating agency, Agusto & Co, has predicted a 20 per cent drop in Diaspora remittances to Nigeria from $25 billion recorded last year to $20 billion this year. However, the Central Bank of Nigeria (CBN) had said that it did not have any record of remittances exceeding $3 billion, implying that the figures contained in several reports, including the latest by Agusto & Co must be based on other data sources. Read More

Diesel, kerosene prices fail to drop despite oil crash

The pump prices of diesel and kerosene in Nigeria have yet to reflect the collapse of global crude oil prices despite the deregulation of the products by the Federal Government.Following the sharp drop in oil prices, the pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020.Read more

Air Peace delivers FG’s medical supplies from Turkey

The Federal Government has taken delivery of medical supplies from Istanbul, Turkey, to fight the coronavirus pandemic.The supplies were delivered by an Air Peace aircraft, a Boeing 777 with registration number, 5N-BWI, which arrived at the Nnamdi Azikiwe International Airport, Abuja on Saturday night.Read more

China sees rise in asymptomatic coronavirus cases

Mainland China reported 39 new coronavirus cases as of Sunday, up from 30 a day earlier, and the number of asymptomatic cases also surged, as Beijing continued to struggle to extinguish the outbreak despite drastic containment efforts. Read more

Nigeria Confirms Eight New COVID-19 Infections, Total Cases Rise To 232

A total of eight new cases of coronavirus (COVID-19) have been recorded in the country, the Nigeria Centre for Disease Control (NCDC) has confirmed.In a tweet on Sunday evening, the health agency says the new infections bring the total number of confirmed cases in Nigeria to 232.The tweet came hours after the NCDC confirmed 10 cases – Lagos (six), Edo (two), FCT (two).Read more

Sterling falls after PM Johnson enters hospital over coronavirus symptoms

The pound fell against the dollar and euro on Monday after British Prime Minister Boris Johnson was admitted to hospital for tests after showing persistent symptoms of the coronavirus.The yen fell against the dollar and the antipodean currencies after Japanese media reported Prime Minister Shinzo Abe may declare a state of emergency as early as Tuesday to curb an alarming acceleration in coronavirus infections.Read more

European stock index futures jump as coronavirus death toll slows

European stock index futures jumped more than 4% on Monday as a slowdown in coronavirus death toll in France and Italy raised hopes that lockdown measures were starting to show results.Euro Stoxx 50 futures STXEc1 were up 4.1% at 0600 GMT, with German DAX futures FDXc1 and French CAC futures FCEc1 gaining 4.5% and 4%, respectively.Read more

Gold Bugs Finally See Their Predictions of Doom Coming True

As the coronavirus brings economies around the world to a standstill, gold is rivaling Treasuries and the dollar as the best-performing major asset this year. The metal proved its haven status with a 6% rally as almost $16 trillion was wiped off global stock markets and oil plunged.Read more

FG Grants Three-Year Tax Holiday To 25 Companies
The Federal Government has granted a three-year tax incentive to 25 companies under the Industrial Development Income Tax Act. A pioneer status is an incentive from the Federal Government, which exempts companies from basic income tax. Read More

NCC Speaks On 5G, COVID-19 and Security [Full Statement]

4

This is the full statement from the Nigerian Communications Commission (NCC) on the above topic.

In view of the recent development in which misleading materials with no proven evidence being circulated to link CORONAVIRUS or COVID-19 with 5G Technology, it has become imperative for the Nigerian Communications Commission (NCC) to provide the following clarifications;

Firstly, there is no correlation between 5G Technology and COVID-19. 5G is an advancement on today’s 4G technology designed to transform the world positively.

Secondly, there is no deployment of 5G in Nigeria at the moment. The NCC back in November 2019 approved trial test for 5G for a period of three (3) months and that the trial has been concluded and installation decommissioned.

The trial among others was to study and observe any health or security challenges the 5G network might present. Relevant stakeholders including members of the security agencies were invited to participate during the trial.

The NCC will continue to maintain its policy of technology neutrality and will continue to encourage Service providers to deploy the best technology that will meet the needs of the society in a secured and friendly manner.

The following are some Frequently Asked Questions :

  1. What is 5G ?

Ans: 5G is a fifth generation of mobile technology which is an improvement of today’s 4G technology with enhanced capabilities. 5G technology provides the platform for new and emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Big Data to improve the way we live and work.

  1. Do we have 5G network in Nigeria now?

Ans: No there is no 5G network in Nigeria at the moment. What we had was a trial test for 3 months which has since been concluded.

  1. When are we expecting 5G in Nigeria?

Ans. No exact time frame but when conditions are right and all doubts are cleared.

  1. Do we have spectrum for 5G in Nigeria?

Ans. Yes, particularly the millimetre wave spectrum from 24GHz and above are available.

  1. Have we given out 5G spectrum to operators?

Ans. No. It will be auctioned at the appropriate time.

  1. Are there 5G deployment around the world?

Ans. Yes, in countries like South Korea, China, USA, Germany and others since middle 2019.

  1. Is the Radiation from 5G different from those of 2G, 3G and 4G?

Ans. No, they all belong to the same class of Non-ionizing Radiation.

  1. Who is going to Allocate spectrum for 5G in Nigeria?

Ans. The National Frequency Management Council (NFMC) Chaired by the Hon Minister of Communications and Digital Economy has the responsibility for allocating bulk spectrum for various services.

  1. Should I be concerned about 5G technology?

Ans. No, nothing to worry about. Safety and human health are top priority in the design and deployment of 5G.

  1. What are the benefits of 5G ?

Ans. 5G technology will transform the world by connecting everything with everybody. It will create millions of jobs, it will add billions of dollars to the economy (GDP) and can solve some of our problems such as insecurity and improve governance and efficiency in the society.

  1. Is 5G causing CORONAVIRUS or COVID-19?

Ans. No, there is no link what so ever between 5G and CORONAVIRUS or COVID-19.

  1. Should I ignore all the negative narratives I am hearing about 5G ?

Ans. No, but rely on information from world Standards making bodies such as WHO, ITU, IEEE and industry experts for advice when in doubt.

  1. Is there Standard limit set for Radiation from mobile devices?

Ans. Yes, there is Radiation emission limits set by the International Commission for Non-ionizing Radiation Protection (ICNIRP) below which the radiation is considered safe for humans.

  1. Are the mobile network operators in Nigeria conforming to the Radiation emissions limits ?

Ans. Yes, the NCC has been regularly conducting measurements of Radiation emissions from Base stations across the country and they are all well below the set limits.

  1. Is 5G same as Fibre cable?

Ans. No, fibre cable is a terrestrial technology for broadband that existed for decades while 5G is a new mobile technology for enhanced quality of service as explained in Q1 above.

  1. Are there other sources of Radiation apart from mobile Base stations ?

Ans. Yes, there are other sources of Radiation which include television stations, radio broadcasts stations, wifi and so on. They all belong to the class of Radiation considered to be safe for humans when operated below the set limits.

  1. Who owns 5G ?

Ans. 5G is not owned by anybody but collection of technologies, Standards and processes agreed at the international level by Standards making bodies.

  1. Has NCC issued licenses for 5G in Nigeria ?

Ans. No, NCC has not issued any licence for 5G in Nigeria. NCC is technology neutral as such we don’t license technology but assigns spectrum to operators for deployment of any service when allocated by NFMC.

  1. Why are some operators rolling out fibre during the lockdown period?

Ans. As a result of the lockdown, the amount of voice and data usage has increased by huge amounts and there is need to expand the network to provide optimum quality of service to users sitting at home. Telecom is also critical for information decimination during the lockdown.

SIGNED

Dr. Henry Nkemadu
Director, Public Affairs
Nigerian Communications Commission
05 April 2020

Week 9 Session

5

Notes We received no extra question, so no webinar today. But we made this video to deepen this weekly session. This video is on restarting business operations after the lockdown due to Covid-19.   – We did this video over the weekend. It was on the full exit of Rocket Internet, the company which originally […]

This post is only available to members.