COVID-19 cases sustained an uptrend this week, rising 7.3% to 26.5 million with the death toll increasing 4.4% to 868,028. While cases appear to have slowed globally, there are concerns about rising cases in the US (6.3 million cases), Brazil (4.0 million cases) and India (3.9 million cases). Although COVID-19 vaccine development is yet to reach final stage globally, the Trump administration this week hinted at the potential delivery of COVID-19 vaccines to US citizens starting November 1.
Global COVID-19 cases are currently at 22.3m, an increase of 8.8% from last week while the death toll rose 5.9% to 782,456 persons. The US remains the major epicentre of the pandemic with 5.7m reported cases, which has slowed the reopening of economic activities in more States. Consequently, 1.1 million people filed for unemployment benefits last week amid the grim outlook on economic recovery. On the trade front, there is optimism that tensions between the US and China would ease as China announced the resumption of talks on the implementation of the phase 1 deal signed in January.
The Securities and Exchange Commission (SEC) has held the first Capital Market Committee (CMC) meeting in 2020.
The 2 days meeting runs from Thursday August 20 to Friday August 21, 2020.
Due to established protocols on COVID-19, the meeting held virtually through Zoom with key stakeholders in the capital market meeting on August 20, while a press briefing, on the outcome of the CMC meeting, holds on August 21.
After more than four days of negotiations, European Union (EU) leaders finally agreed on a landmark stimulus package worth EUR750 billion (USD860 billion) to pull their economies out of recession (IMF 2020E: -10.2%) and tighten the financial bonds holding their 27 nations together. Taking the previously passed stimulus package of EUR500 billion into consideration, the total stimulus passed now stands at EUR1.25 trillion (c.17.0% less than the EUR1.50 trillion euros the ECB said the bloc may need to tackle the crisis).
The Securities and Exchange Commission, SEC has warned Nigerians against investing in ponzi schemes across the country.
SEC disclosed that ponzi scheme operators such as iBSmartify Nigeria, Federate Investors Trading Company and others were not registered or regulated by the Commission, news agency VON reports.
“The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.
The benchmark index appreciated 17bps to close at 24,972.82 points as investors cherry-picked bellwethers including NESTLE (+10.0%), ACCESS (+1.5%) and FLOURMILL (+4.4%). As a result, market capitalisation increased by ₦21.9bn to settle at ₦13.0tn while YTD loss eased to -7.0%. Activity level improved as volume and value traded rose 32.7% and 70.8% respectively to 266.0m units and ₦2.7bn. The most active stocks by volume were GUARANTY (43.7m units), UACN (41.2m units) and FCMB (22.5m units) while GUARANTY (₦1.0bn), UACN (₦288.7m) and NESTLE (₦236.5m) led the value chart.
Following the gradual ease of lockdown instituted across China, manufacturing activities rebounded in May, after contracting in the prior month. Specifically, manufacturing PMI rose to the expansionary territory of 50.7 index points in May, from 49.4 points in April. This is not surprising as we had expected the gradual re-opening of the Chinese economy would keep manufacturing activities afloat in May, even as the external sector remains broadly weak due to pressured demand. Despite the positive outturn, we do not believe the Chinese economy is completely out of the woods.