PROSHARE ECONOMY

GCR Withdraws the Ratings on Niger State Government of Nigeria - GCR Ratings (“GCR”) has withdrawn the long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively accorded to Niger State Government of Nigeria (“Niger State” or “the State”), without review. Source GCR Ratings Read More

Moody's Downgrades the Long-Term Deposit Ratings of 9 Nigerian Banks to Caa1 from B3, Changes Outlook to Stable - Moody's has changed the outlook to stable on the long-term deposit ratings, issuer ratings as well as senior unsecured debt ratings (where applicable) of the nine rated Nigerian banks. Source Moody’s Investors Service Read More

Coronation Merchant Bank Releases its Economic Review and 2023 Outlook Report - Nigeria’s leading financial institution, Coronation Merchant Bank has announced the launch of its 2023 Economic Review and Outlook report which focuses on trends for core macroeconomic indicators and relevant emerging policy themes that will shape 2023. Source Coronation Merchant Bank Read More

Buhari Inaugurates Board, Council of Ministry of Finance Incorporated - The president performed the inauguration ceremony Wednesday in the Council Chambers of the State House, Abuja, just before the commencement of the week’s Federal Executive Council (FEC) meeting. Source THISDAY Read More

PROSHARE MARKETS

Investors Gain N142.17bn as NGXASI Inches up by 0.49%; Overnight Rate Contracted by 0.01% to Close at 10.88%; BDC Rate Advances to N755 - The NGX All-Share Index inched up by 0.49% to close at 53,499.68 basis points as against 0.15% gain recorded previously to close at 53,238.67 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N142.17bn gain. Source Proshare Research Read More

Geregu Power Plc Declares N10.17bn PAT in 2022 Audited Results, Proposes N8 Final Dividend,(SP:N193.60k) - Geregu Power Plc (GPP), has filed its full year results for the period ended December 31, 2022. Revenue declined by 32.9% from N70.96bn to N47.62bn, and profit before tax stood at N15.17bn. Source NGX Read More

MTN Nigeria Declares N358.88bn PAT in 2022 Audited Results; Proposes N10 Final Dividend; (SP:N225.00k) - MTN Nigeria Communications Plc released its Q4 2022 Audited results for the period ended December 31st, 2022. Revenue grew by 21.64% from N1.65trn to N2.01trn, and pofit before tax stood at N533.97bn. Source NGX Read More

PROSHARE BUSINESS

Dangote, Sinoma Sign Agreement On 6Mta Cement Plant In Itori, Ogun State - The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while ChinaSinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue. Source Dangote Read More

Adani Stock Crash at $92 Billion as Collateral Worries Grow - The crisis of confidence plaguing Gautam Adani has taken a sudden turn for the worse, with a record 28% plunge in his flagship company’s stock raising questions over the extra collateral he needs to cover loans. Source Bloomberg Read More

PROSHARE TECHNOLOGY

Coinshares Reduces Management Fees To 0% On Coinshares Physical Ethereum ETP - Coinshares Is Monitoring The Transition Of Ethereum And Is Happy To Announce That, As Part Of Its Commitment To Provide An Investor-Centric Experience, It Will Reduce Its Management Fees To 0% P.A. On The Coinshares Physical Ethereum ETP On February 1st, 2023. Source Mondovisione Read More

PROSHARE FINANCE

Consolidated Insurance Bill to Drive Growth in the Insurance Sector - The Chairman of the Nigerian Insurers Association, Mr. Segun Omosehin, disclosed that the Consolidated Insurance Bill proposed in 2020 is going through the final legislative processes in preparation for presidential assent. Source United Capital Research Read More