Mutual Funds defy Covid-19 effect, as returns rise 50% to N1.5trn
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By Peter Egwuatu
Despite the adverse impact of the Coronavirus, COVID-19 pandemic, on the Nigerian economy, fund managers have raised their investment in Collective Investment Scheme, CIS, otherwise known as mutual funds.
The Scheme itself has recorded a return of 50 per cent Year-to-Date, YtD, with the net Asset value, NAV, rising to N1.5 trillion in 2020 from N1.0 trillion in 2019.
However, financial analysts have asserted that the huge gains recorded in equities in 2020 may not be replicated this year as they project moderate returns across all against the backdof changing monetary policy environments.
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CryptocurrencyOn February 1, 2021, the billionaire Tesla boss, Elon Musk, added #bitcoin to his Twitter and hoped cryptocurrencies would get “broad acceptance”. The viral post cleared his position on the business which had kept him vacillating for eight years and helped in pushing the digital currency’s price up by as much as 20 per cent.
Four days after the Musk endorsement, the Central Bank of Nigeria (CBN) issued a circular, preventing financial institutions from “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.” In a letter, the CBN said it was reminding banking institutions that deal in digital currencies or facilitating their transactions was “prohibited”.
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With about six trading days left in 2020, the stock market has recovered from the decline suffered in 2018 and 2019 and is set to close with a growth of about 40 per cent, writes Goddy Egene
When trading at the stock market resumed in 2020, there was high optimism that the market would witness a recovery from the losses recorded in 2018 and 2019. The optimism was based on past experience in the market, where a rebound is always witnessed after two years’ decline.
For instance, after declining in 2015 and 2016, the nation’s bourse recovered with a jump of over 40 per cent in 2017. So when the market dipped in 2018 and 2019, market stakeholders were optimistic that 2020 will see the return of the bulls to the stock market.
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