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    UK tightens visa rules for care workers, skilled workers and students

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    Spain golden visa scheme ends as Portugal and Greece demand increases

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Shoprite to sell stores in Ghana and Malawi

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    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

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    ADES signs agreement to acquire Shelf Drilling Ltd

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    Stanbic IBTC Holdings Plc announces N1.50 interim dividend for half-year 2023

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    Beta Glass Plc reports 334% year-on-year growth in profit

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    Cutix Plc founder sells additional 1.8 million shares of the company

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    Cryptocurrency: XRP hits new All-Time High at US$3.65

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    • Economic Data
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    • Companies
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    Shoprite to sell stores in Ghana and Malawi

    Shoprite to sell stores in Ghana and Malawi

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    ADES signs agreement to acquire Shelf Drilling Ltd

    ADES signs agreement to acquire Shelf Drilling Ltd

    Ecobank Nigeria Limited to launch $300 million senior notes

    Ecobank sells stake in Ecobank Mozambique SA

    Veritas Kapital Assurance Plc to consider mergers/acquisitions to shore up capital

    Veritas Kapital Assurance appoints Babatunde Irukera as Board Chairman

    Nigeria’s C&I Leasing Plc to invest in Leasafric Logistics Ghana

    Nigeria’s C&I Leasing Plc to invest in Leasafric Logistics Ghana

    Stanbic IBTC Holdings Plc announces N1.50 interim dividend for half-year 2023

    Consolidated Hallmark Holdings Plc declares 10 kobo interim dividend for H1 2025

    Beta Glass Plc reports 334% year-on-year growth in profit

    Beta Glass Plc reports 334% year-on-year growth in profit

    Caverton Shareholders approve 10 kobo per share dividend and others at AGM

    Caverton Offshore posts ₦2.08 billion profit for H1 2025

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    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

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    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

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Fears over new Covid varaint detected in South Africa sends markets tumbling

Friday, 26 November 2021, 10:02 am
in Commodities, Cryptocurrencies, Markets, Stocks/Equities
0
Fears over new Covid varaint detected in South Africa sends markets tumbling
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A new Covid-19 strain discovered in southern Africa has sent a wave of caution across global financial markets. This has resulted in drops across stocks and futures market, as well as the Oil market.

Yahoo finance reported that MSCI inc.’s Asia-Pacific equity gauge slid to the lowest since early October, with Japan and Hong Kong underperforming and travel shares among the biggest decliners. U.S. and European futures fell and the 10-year Treasury yield dropped to 1.55%.

The World Health Organization (WHO) and scientists in South Africa are studying the recently identified variant, which has been described as very different to previous versions and of serious concern.

The World Health Organization is monitoring a new variant with numerous mutations to the spike protein, scheduling a special meeting Friday to discuss what it may mean for vaccines and treatments, officials said Thursday.

Read also; Nigeria Air: Talks of IPO in the air even as airline is yet to take to the skies

The variant, called B.1.1.529, has been detected in South Africa in small numbers, according to the WHO.

“We don’t know very much about this yet. What we do know is that this variant has a large number of mutations. And the concern is that when you have so many mutations, it can have an impact on how the virus behaves,” Dr. Maria Van Kerkhove, WHO’s technical lead on Covid-19, said in a Q&A that was livestreamed on the organization’s social media channels.

The monitoring of the new variant comes as Covid cases surge around the world heading into the holiday season, with the WHO reporting hot spots in all regions and particularly in Europe.

The U.K., Singapore and Israel curbed travel from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.

The detection of the strain comes on top of concerns in markets about high inflation and the prospect of quicker exit from ultra-loose monetary settings. Global shares are up about 16% this year, weathering a plethora of risks after investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — topping the combined total from the past 19 years.

“It’s a scary headline” about the virus variant, so it may have caused a knee-jerk reaction, said Kyle Rodda, an analyst at IG Markets Ltd. He added that “North America off the desks means there’s a wall of buyers missing” and that thinner markets make for more pronounced moves.

As at the time of this report, below are the performances of Stocks, Futures and Commodities market.

Source: Investing.com

Commodities: Brent Crude is down by 3.66% to $78.30, West Texas Intermediate crude (WTI) is down by 4.10% to $73.98, while Investors are rallying to Gold, sending its price up by 1.34% to $1,788.30.

Stock Futures: S&P Too futures (US 500) is losing 2.43% at the time of this report, while DOW Jones Futures (US 30) and Nasdaq futures (US Tech 100) are down by 2.00% and 1.41% respectively.

Stock Indices: Almost al open Stock Exchanges have the major indices down at the time of this report. CAC 40 in France is down by 3.38%, FTSE 100 in London is down 2.95%, DAX in Germany is down by 3.02%.

Asian markets all closed in negative territory; Nikkei 225 of Japan closed 2.53% down, Hang Seng in Hong Kong closed 2.61% down, KOPSI in Seoul closed 1.47% down, SZSE Component in Shenzhen China closed 0.34% down, while NIFTY 50 still open in India is currently 2.23% down.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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