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Nigeria slips into recession blamed on COVID-19 and oil prices
November 21, 2020--The country's economy shrinks two quarters in a row amid contraction in its oil sector.
Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released.
Africa's biggest economy is in recession for the first time since 2016. The recession four years ago was its first in a generation, and the country emerged from it the following year.
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Source: aljazeera.com
Moody's and Fitch both cut SA further into junk on Covid-19 economic shock, rising debt
November 20, 2020--Global rating agencies Fitch and Moody's both downgraded South Africa's sovereign credit rating further into junk on Friday evening, citing a combination of SA's weakening fiscal position, rising government debt and the economic shock triggered by the Covid-19 pandemic.
A majority of respondents to Bloomberg survey had expected both Fitch and Moody's to keep SA's credit ratings unchanged.
One slight piece of good news was that the third major global ratings agency, S&P, chose to keep SA's sovereign credit rating assessment unchanged.
All three agencies already assessed SA's debt at below investment grade ahead of the announcements on Friday evening. But the further downgrades mean that SA's borrowing costs may rise.
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Source: news24.com
South African stocks advance with boost from Naspers and miners
November 13, 2020--Emerging-market stocks and currencies were poised for a second week of gains amid optimism over a vaccine breakthrough and bets for more internationalist policies by the new US administration.
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Source: news24.com
Nigerian Stocks Surge Most Since 2015, Trigger Circuit Breaker
November 12, 2020--Nigerian stocks surged the most in more than five years on Thursday and triggered a market-wide circuit breaker for the first time as traders bought up shares in a hunt for assets with attractive yields.
The Nigerian Stock Exchange All Share Index jumped by 6.2%, its steepest increase since April 2015. As the gains in the benchmark index raced beyond 5%, an automatic 30-minute trading halt was activated for the first time since its introduction in 2016, the exchange said in a statement.
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Source: bloombergquint.com
Kenya: Foreigners Pull U.S.$11 Million From NSE Counters Over Covid-19 Jitters
November 9, 2020--Foreign investors on Nairobi Securities Exchange (NSE) turned net sellers in October, withdrawing Ksh1.13 billion ($11.3 million) on increased risk aversion due to a surge in Covid-19 infections and deaths, halting two months of net buying.
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Source: allafrica.com
Rand skyrockets on strong early results from Covid-19 vaccine trials
Rand rallies as Trump bemoans 'stolen' US election view more
Nigeria: Report-Unfavorable Economic Climate, Access to Credit Constraining Businesses view the Central Bank of Nigeria (CBN)Business Expectations Survey Report for October 2020
Nigeria Records $1.4bn Trade Deficit in August
Rand weakens as market anxiously waits for a clear winner
November 9, 2020--Pfizer said that early results from its coronavirus vaccine trial had suggested the vaccine could be as much as 90% effective, the New York Times reported.
Source: news24.com
November 7, 2020--The rand has been on the front foot as the tightly-contested race for the White House leans in Democrat Joe Biden's favour.
Source: news24.com
November 5, 2020--The Central Bank of Nigeria's (CBN) October 2020 Business Expectations Survey Report has once more identified insufficient power supply, financial challenges, high interest rate and competition as some of the factors constraining businesses in the country.
The report posted on the central bank's website also identified unfavourable economic climate, unclear economic laws, unfavourable political climate, insufficient demand, access to credit and lack of equipment as other factors hampering business activities in the country.
Source: allafrica.com
November 4, 2020--Nigeria recorded $1.4 billion trade deficit in August 2020 even as the value of external trade increased by 12 per cent to $5.8 billion from $5.1 billion in July.
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Source: allafrica.com
November 4, 2020--Analyst says the US election is currently the main driver of the market and with all the volatility going on in the market, anything is possible.
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Source: news24.com
