Last week, COVID-19 cases increased 5.2% to 33.8 million while total deaths surpassed the million mark, increasing 3.1% to 1.0 million. Globally, the US (7.1 million), India (6.3 million) and Brazil (4.8 million) have the most confirmed cases. As the second wave of the virus is spreading, countries are imposing fresh lockdowns and stricter measures. In the US, House Democrats passed a $2.2tn fiscal stimulus package to support the economy. However, this is unlikely to receive support in the Senate, prompting further negotiations with the Treasury Secretary, Steve Mnuchin.
The local bourse sustained the bullish run this week as the All-Share index rose 2.5% w/w to 26,985.77 points following price appreciation in TOTAL (+21.0%), GUARANTY (+7.4%) and MTNN (+4.8%). Consequently, market capitalisation increased to ₦14.1tn as investors gained ₦350.1bn. The YTD return turned positive for the first time since February 26, 2020, closing the week at 0.5%. Activity level varied as average volume traded advanced 6.3% to 333.2m units while average value traded weakened 6.0% to ₦3.9bn.
In line with its ambition to support Nigeria’s economic growth by providing a liquid, efficient and multi-asset securities exchange hub, the Nigerian Stock Exchange (NSE) is pleased to announce, enhancements to its Fixed Income Securities market segment as well as the associated benefits to trade execution via its platform.
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).