Bear claw on US market; Euro stocks gained the most in 4 weeks

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Performance was mixed across major global stock markets within our coverage this week, as investors respond swiftly to development in the immediate environment.

In the US, there was “deep bear claw” on tech stocks (the major driver of the US stock market buoyant performance post-COVID-19 lockdown period) as a result of the weaker than expected consumer spending data in August.

As a result, the three broadest stock market indicators in the U.S., the DJIA, the S&P 500, and the NYSE Composite indices to shed -1.66%, -2.51%, and -1.12% w/w respectively.
Conversely, stock markets in Europe see the brightest week in more than four weeks as stronger-than-expected economic data for August 2020 and hope of further stimulus support by the European Central bank (ECB) caused investors to invest more in equity assets. As a result, the German DAX, the UK FTSE 100, and France CAC 40 all gained 3.02%, 4.23%, and 1.70% w/w respectively.
In Asia markets, save for India S&P BSE and Japan Nikkei 225 which gained 1.30% and 0.87% w/w, other Asia stock market indices under our coverage ended the week in red, with China’s Shanghai Composite Index leading the park with a -2.83% w/w loss.
Despite the risk posed by the Covid-19 pandemic, we expect the route witnessed in the U.S. and some Asia stock market to subdue in the coming week, as fiscal and monetary authorities rolled out new policies that will support improved consumer demand.

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Total Debt Stock Hits N31.01 Trillion as Nigeria Receives USD3.36 Billion Loan from IMF

In the just concluded week, total debt figure released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stock for the second quarter of 2020 increased by 8.31% to N31.01 trillion as at June 2020 (from N28.63 trillion as at March 2020).

Over 60% of Global Bank Rating Outlooks Are Negative

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Fitch Ratings’ new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the onset of the coronavirus pandemic. The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) shot up to over 60% at end-1H20 from 13% at end-2019. The proportion on RWN was 10%, the highest in recent years, reflecting near-term risks to many banks’ ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.

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Debt profiling: Drawing a nexus between Jonathan and Buhari Administrations

The Debt Management Office on Wednesday, 9th September, announced that Nigeria’s public debt has risen to N31.01 trillion at the end of June.

Hyundai Motor Launches ‘Channel Hyundai’ for Smart TVs to Provide Enhanced Digital Customer Experience

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Hyundai Motor Company is leading the digital transformation in the era of COVID-19 and beyond with the launch of ‘Channel Hyundai’, an interactive app for smart TVs featuring multimedia content and a digital interface for customers to experience the brand in a new way.

Firm Develops 14,000-hectare Palm Plantation in Edo

An agriculture development firm, Agro-Allied Resources and Processing Nigeria Limited has commenced the development of a 14,000-hectare oil palm plantation in Odighi Community, in Ovia North East Local Government Area of Edo State.

54gene, US firm Illumina to launch Lagos genomics facility

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Nigerian genetics startup 54gene has partnered US firm Illumina to power the creation of a world-class genomics facility in Lagos.

Coca-Cola empowers 1,000 women, 4,000 more to go (Photos)

Over 1,000 women of the Magboro Makogi community, through a Coca-Cola Foundation-sponsored program; Catalyst For Change,  were trained for over four weeks on relevant skills with more than 200 empowered to start their own businesses.

September 2020 FGN Savings Bonds Offer for Subscription

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has introduced a retail savings product that will be accessible to all income groups – the FGN Savings Bonds.

67% of Consumers Have Returned to Non-Essential In-Store Shopping – Report

With COVID-19 lockdown measures around the world easing, just under three-quarters of global consumers (71%) now report feeling comfortable returning to physical stores since local lockdowns have eased, according to research published today by Mood Media, the world’s leading on-premise media solutions company dedicated to elevating the Customer Experience.

Six most popular tech companies stock ROI soars 352% in five years

In the stock market, the technology sector is among the best performing categories in recent years based on their Return on Investment (ROI). Despite being vulnerable just like other stocks, the category has remained resilient.

Local bourse halts uptrend of six consecutive trading days, sheds 0.09%

The Nigerian equity market today began the trading week on a negative note as the All-Share-Index depreciated by 0.09% to halt previous positive sentiment of six consecutive trading day.

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