The Nigerian stock market gained ground for the eighth day in a row, with the benchmark All Share Index/ market capitalization improving further by 1.40% to settle at 24,143.37 index points and N12.582 trillion respectively.
- Activity level was mixed, as the volume of shares exchanged increased by 23.60% to 426.64 million units of shares valued at N4.10 billion in 7,384 deals.
- FBNH was the most active in today’s trading, boosting market turnover by 91.92 million, while GUARANTY was the most traded stock by value at N1.04 billion, topping the value list.
- Market sentiment, as measured by market breadth, was positive with 35 gainers led by NB (+10.00%), as against 4 losers topped by CILEASING (-6.00%). Sector performance was bullish; all the indices appreciated, led by a massive +5.32% gain in the lenders Index, as Tier-one banking stocks continued to rally.
- The Insurance (+3.66%) and Consumer Goods (+1.98%) indices also registered gains, as CHI Plc, NEM, NB and GUINNESS all recorded above 8% price appreciation. Lastly, ARDOVA (+9.84%) and WAPCO (+4.71%) drove the Oil & Gas, and Industrial goods indices by 1.27% and 0.64% respectively.
NB up 10.00% to close at N33; CAP up 9.57% to close at N22.9; GUARANTY up 9.29% close at N22.95; GUINNESS up 8.29% close at N18.95; and FLOURMILL up 6.33% close at N21.
CILEASING down 6.00% to close at N4.7; UACN down 3.47% to close at N6.95; UNIONDAC down 3.13% to close at N0.31; INTBREW down 2.00% to close at N4.9; and ABCTRANS N0.35 0.00% to close flat.
Why stocks are gaining: Nairametrics understands the low yielding fixed income market is driving smart money into the stock market. Most stocks hit all-time lows in March as investors dumped stocks over concerns about the crash in oil prices and the COVID-19 pandemic.
Oil prices have rebounded this week as the world braces up for a worldwide easing of the lockdown. Global stimulus injections of capital by most developed economies have also calmed markets. Nigeria also recently received the $3.4 billion IMF loan which is believed will boost the external reserves.
COVID-19 Update in Nigeria
On the 16th of January 2021, 1,598 new confirmed cases and 7 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 108,943 confirmed cases.
On the 16th of January 2021, 1,598 new confirmed cases and 7 deaths were recorded in Nigeria.
To date, 108,943 cases have been confirmed, 85,367 cases have been discharged and 1,420 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.13 million tests have been carried out as of January 16th, 2021 compared to 1.03 million tests a day earlier.
COVID-19 Case Updates- 16th January 2021,
- Total Number of Cases – 108,943
- Total Number Discharged – 85,367
- Total Deaths – 1,420
- Total Tests Carried out – 1,135,535
According to the NCDC, the 1,598 new cases were reported from 24 states- Lagos (461), FCT (206), Plateau (197), Rivers (168), Kaduna (116), Anambra (53), Ogun (49), Ebonyi (47), Edo (42), Sokoto (32), Imo (31), Katsina (31), Oyo (30), Akwa Ibom (27), Delta (16), Kano (16), Abia (15), Niger (15), Ondo (11), Bayelsa (10), Borno (9), Kebbi (8), Ekiti (7), Jigawa (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 39,723, followed by Abuja (14,544), Plateau (6,617), Kaduna (6,121), Oyo (4,679), Rivers (4,382), Edo (3,246), Ogun (2,831), Kano (2,577), Delta (2,102), Ondo (2,070), Katsina (1,723), Enugu (1,583), Kwara (1,566), Gombe (1,489), Nasarawa (1,269), Ebonyi (1,206), Osun (1,186), Abia (1,129), and Bauchi (1,107).
Borno State has recorded 859 cases, Imo (841), Sokoto (677), Benue (653), Akwa Ibom (615), Bayelsa (608), Niger (547), Adamawa (540), Anambra (513), Ekiti (466), Jigawa (425), Taraba (258), Kebbi (248), Yobe (207), Cross River (169), Zamfara (162), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes
Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.
The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.
According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%
Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.
What you should know
- Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
- Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.
Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021
COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.
Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.
This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled “Bracing for a different future.”
According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.
The report states,
- “The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”
According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows: CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.
What you should know
- The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
- Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
- 2 doses of the vaccines are required for each person for immunity.
- It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
- From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
- To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.