UACN’s losses increase by 3%
UAC Nigeria, makers of Nigeria's famous snack-gala, has released its audited report for the year 2019. The report shows the group’s losses increased 3% to ₦9.3 billion due to ₦14.6 billion write-down of assets, in three subsidiaries. This gives the company room to concentrate on its profitable entities which include animal feeds, paint, packaged food, and beverages. Despite the loss, directors recommended a dividend of 10k per share for investors.
Ghana eases lockdown restrictions
As parts of China and Germany begin to ease lockdown restrictions, Ghana re-opened parts of its economy after 21 days. The country has deployed over 68,000 tests, confirming 1042 cases and 9 deaths; 1.5% and 0.8% transmission and fatality rates respectively. Nigeria continues to lag behind having only conducted 7,000 tests.
USA's WTI crude price crashes below $0
On Monday, the price of West Texas intermediate (WTI) futures dropped below $0 for the first time in history. This was due to a lack of storage space for WTI crude that was expected to be delivered in Cushing, Oklahoma. The price drop may be a sign of what is to come for Nigeria, which has limited storage tanks. Nonetheless, the global benchmark crude, Brent Crude traded at $26 per barrel on Monday.