PROSHARE MARKETS

What to Expect from the Markets this Week - 200323 - The Central Bank of Nigeria’s (CBN’s) Monetary Policy Committee is set to meet next Monday and Tuesday after which it would announce its policy decision. Analysts believe the Q4 GDP numbers, as well as the recent inflation numbers, would likely encourage it to retain its unanimously hawkish position. Source Proshare Research Read More

FBNH Declines as Market Awaits Earnings Release - Diversified financial service company, FBN Holdings Plc, share price declined by 2.7% over the last seven days’ trading sessions in the stock market ahead of the group’s 2022 financial year earnings release. Source Market Force Africa Read More

Stanbic IBTC Gains 19.28% on Better Earnings, Strong Dividend - Stanbic IBTC Holdings Plc will be paying more than N45 billion as a total dividend to shareholders from N80.814 billion unencumbered after-tax profit, according to its audited financial statement for 2022. Source Market Force Africa Read More

Ecobank Lost 10% Ahead of Dividend Notice - Pan African lender, Ecobank Transnational Incorporated, ETI, lost 10% of its market valuation to strong exits trade in the Nigerian Exchange, NGX, and US bank crisis sent jittery across the market. Source Market Force Africa Read More

MTNN Slumps 5% Amidst Plan to Merge MoMo PSB, Yhello Digital - Investors in the equities segment of the Nigerian Exchange (NGX) re-priced MTN Nigeria Plc share downward last week as the United States (US) bank crisis spillover into the global markets. Source Market Force Africa Read More

PROSHARE ECONOMY

The Oil Price Collapse Continues After Brief Respite - OIR 180323 - The oil price crash appeared to have been halted on Thursday after the Swiss central bank stepped in to save Credit Suisse and the energy ministers of Russia and Saudi Arabia met to signal a willingness to intervene if the collapse continued. Source Oilprice Read More

FG Gives Subsidies to Mini-Grid Developers - The federal government has announced plans to award subsidies to mini-grid developers for the deployment of solar power mini-grids to 150 underserved and unserved electricity sites across seven states. Source Punch Read More

Currency in Circulation Drops to N982bn as Scarcity Continues - The currency in circulation in the country dipped by a 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the Central Bank of Nigeria. Source intelregion Read More

Nigeria’s External Reserves Drop Amidst Scarce FX Inflow - Nigeria’s external reserves decline to $36 billion as the Central Bank of Nigeria (CBN) reported an outflow of more than $300 million in a week amidst scarcity of foreign currencies inflows. Source Market Force Africa Read More

PROSHARE REGULATORS

Monetary Policy: Afrinvest Anticipates 50bps Interest Rate Hike - Ahead of the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) meeting this week; investment banking firm, Afrinvest Limited has projected a 50 basis points increase in the policy rate to 18%, citing the rising inflation rate. Source Market Force Africa Read More

Central Banks Announce Dollar Liquidity Measures to Ease Banking Crisis - The Federal Reserve and five other leading central banks have taken fresh measures to improve global access to dollar liquidity as financial markets reel from the turmoil hitting the banking sector. Source Financial Times Read More

Statement by Christine Lagarde, President of the European Central Bank, on the Announcement on 19 March 2023 by the Swiss Authorities - “I welcome the swift action and the decisions taken by the Swiss authorities. They are instrumental for restoring orderly market conditions and ensuring financial stability". Source European Central Bank Read More

Central Banks Try to Calm Markets After UBS Deal to Buy Credit Suisse - Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG (UBSG.S) to buy rival Credit Suisse Group AG (CSGN.S) in a historic deal. Source Reuters Read More

MPC: CBN to Keep Policy Rates – Cowry Asset - Ahead of the monetary policy committee meeting scheduled for the week, analysts at Cowry Asset Management Limited said they see a decision to keep rates at play given a surge in the headline inflation rate in February 2023. Source Market Force Africa Read More

PROSHARE BUSINESS

UBS Mulls Takeover of Credit Suisse, Seeks $6b Guarantee of Swiss Government - According to Reuters, UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland and is seeking guarantees of $6bn to acquire a significant stake in Credit Suisse. Source Proshare News Read More

Naira Devaluation Looms as Banks Cut FX Sales - Indications have emerged that the Nigerian naira could be heading for a devaluation as the nation battles foreign currency (FX) scarcity, forcing the authority to ration the United States (US) dollars to citizens with eligible demand. Source Market Force Africa Read More

Two Major Banks in Europe Look to Regulators for Reassurance - At least two major banks in Europe are examining scenarios of contagion in the region's banking sector and are looking to the Federal Reserve and the ECB for stronger signals of support, two senior executives close to the discussions told Reuters. Source Reuters Read More

First Citizens in Talks to Acquire Silicon Valley Bank, Bloomberg Reports - First Citizens BancShares Inc (FCNCA.O) is evaluating an offer for Silicon Valley Bank (SIVB.O), Bloomberg News reported on Saturday, citing people familiar with the matter. Source Reuters Read More

PROSHARE TECHNOLOGY

YC backed Verto launches USD accounts with funds 100% Safeguarded for African Startups, Enterprises and VCs: Platform used by MTN, Jumia, Maersk and Interswitch - Verto, London-based and authorised by the UK FCA as an Electronic Money Institution, has launched 100% Safeguarded USD accounts that see funds deposited held in protected accounts. Source Proshare News Read More

Forex Crisis, Inflation Drag Down Phone Demand By 32% - Persistent forex crisis and rise in inflation have taken a toll on retail spending in Nigeria, with the smartphone segment seeing a more than 32 per cent fall in demand during the last quarter of 2022. Source Leadership Read More

Fintech Investment in EMEA ‘Drops Sharply to $44.9bln in 2022’ - Fintech investment in the Europe, Middle East and Africa (EMEA) region dropped sharply from $79 billion across 2,379 deals in 2021 to $44.9 billion across 1,977 deals in 2022, while globally it fell to $164.1 billion across 6,006 deals. Source ZAWYA Read More

Bitcoin Thrives in Chaos, Breaks Above $28,000 For First Time Since June - Turmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months. Source Bloomberg Read More

Nigeria, Others Lose $4b to Mobile Fraud Annually - Although unbanked or underbanked people across Africa have begun to be included in the digital finance system, with over 180 million mobile money accounts in use across the continent in 2021. Source The Nation Read More

PROSHARE FINANCE

Goldman Sachs No Longer Sees Oil Reaching $100 This Year - Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand from China. Source Bloomberg Read More

Iraq, OPEC stress need to coordinate to stabilise prices - Iraq's Prime Minister Mohammed Shia al-Sudani and OPEC Secretary General Haitham Al Ghais stressed the need to coordinate among oil-exporting nations to ensure prices do not fluctuate and impact both exporter and consumer countries, the Iraqi government said in a statement. Source Reuters Read More

PROSHARE MSME

FIRS, UK’s HMRC Sign Pact on Capacity Building - Nigeria’s Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Royal Majesty’s Revenue and Customs (HMRC) have signed a pact to foster an improved collaboration on capacity building between the two tax authorities. Source Market Force Africa Read More

NGX Sheds N479bn as Investors Take Profits - The equities segment of the Nigerian Exchange (NGX) recorded about N479 billion loss as investors traded exits amidst the US bank crisis that sent jittery across the markets. Source Market Force Africa Read More