PROSHARE ECONOMY

Relentless Headline Inflation to Spike to 20.9% in September 2022 - The NBS will release its CPI report for the month of September on October 15. Based on a survey of major markets in the Lagos Metropolis and our time series model, we are projecting another increase in headline inflation to 20.9%. Source FDC Ltd Read More

AfDB Approves $25m Trade Finance Facility for FSDH Merchant Bank for Local Small and Medium-sized Enterprises - The Board of Directors of the African Development Bank Group has approved a $15 million trade finance line of credit and $10 million transaction guarantee for FSDH Merchant Bank in Nigeria. FSDH will use the line of credit to provide loans to local enterprises in Nigeria. Source AfDB Read More

Senate Approves MTEF/FSP for 2023 Budget, Raises Oil Benchmark to $73/barrel - The upper legislative chamber approved the documents on Wednesday, after Solomon Olamilekan, chairman of the finance committee, presented a report on the MTEF/FSP. Source Punch Read More

PROSHARE MARKETS

NGXASI Dips by 0.09%; Overnight Rate Closes Flat at 16.75%; BDC Rate Appreciates to N730 - The NGX All-Share Index dipped by 0.09% to close at 48,836.70 basis points as against 0.29% loss recorded previously to close at 48,879.74 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N226.56bn gain. YTD, the NGXASI Stands at +14.33%. Source Proshare Research Read More

Geregu Power Plc Lists on NGX Main Board - Nigerian Exchange Limited (NGX or The Exchange) is pleased to announce the listing by introduction of Geregu Power Plc (“GEREGU”) on the Main Board of The Exchange on Wednesday, 5 October 2022. Source NGX Read More

NGX Concludes First Power Sector Listing in Nigeria - The Nigerian power sector and the capital market made headlines today with a landmark transaction that saw leading electricity generation firm, Geregu Power Plc list its shares by introduction on the Nigerian Exchange Limited (NGX). Source NGX Read More

Brokers Deal 7.4bn Shares Worth N84bn in September 2022 - Monthly trading data obtained from the Nigerian Exchange Limited (NGX) revealed that securities dealers brokered 7.4 billion shares worth N83.78 billion in September. Source NGX Read More

PROSHARE BUSINESS

Most CEOs are already preparing for a recession, with plans including laying off staff and cutting spending on environmental issues, a major survey shows - Measures companies plan to take to weather the recession include cutting ESG spending and laying off staff, the survey, which canvassed the opinions of the CEOs of 400 American companies with annual revenues of at least $500 million, showed. Source Business Insider Read More

COP27: Experts Task W/Bank On Climate Change - A team of climate change experts under the auspices of the Glasgow Action Team, has demanded a change in action and composition of the leadership of the World Bank’s investment in Carbon Capture in Nigeria. Source Daily Trust Read More

Banks’ Cost-to-income Spike as Inflationary Pressure Mounts - Following record inflation rate in Nigeria, deposit money banks (DMBs) in the country have consistently recorded hikes in cost-of-income ratio threatening earnings and profitability for 2022 full year results. Source ThisDay Read More

OPEC+ Slashes Nigeria’s Oil Quota by 4.6% to 1.742 mb/d - THE Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+, yesterday, slashed Nigeria’s oil output by 4.6 percent to 1.742 million barrels per day, mb/d, excluding condensate, for November 2022 market, from 1.826 mb/d in August 2022. Source Vanguard Read More

FirstBank Commemorates 2022 Customer Service Week - First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. Source FirstBank Read More

PROSHARE TECHNOLOGY

EU Seals Text of Landmark Crypto Law MiCA, Fund Transfer Rules - The European Union (EU) has agreed the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments. Source CoinDesk Read More

Nigeria is Ranked 114 in the 2022 Global Innovation Index - Out of 132 countries assessed by the Global Innovation Index, Nigeria ranked 114 in its 2022 report, which was released recently. This reinforced the need for Africa’s largest economy to reposition itself and make more significant investments in key areas, which can boost Nigeria’s innovative capacity, making it globally competitive. Source WIPO Read More

Google Invests Over $200m in Nigeria, Others - Google has spent well above $200m in Nigeria and across Africa in the last one year. The Director of Google Cloud Africa, Niral Patel, disclosed this to journalists during a round table online conversation after Google for Africa event on Wednesday. Source Punch Read More

PROSHARE FINANCE

The Markets in Review: Savings Rate Are Rising Quickly – Coronation Research - The Monetary Policy Committee of the Central Bank of Nigeria (CBN) raised its key interest rate last week. This has been positive for savers as market yields rose swiftly in the days after the decision. Source Coronation Research Read More