PROSHARE ECONOMY

DMO Defends FG’s ‘appetite’ for Eurobonds, says it’s due to Borrowing Needs - The Debt Management Office (DMO) has justified the federal government’s “appetite” for eurobonds. The agency, in a statement on Wednesday, said the FG issued eurobonds to finance budget deficits and capital projects. Source TheCable Read More

FG Meets IPMAN, MOMAN, Fuel Price Hike Imminent - The Federal Government on Wednesday said it was currently engaging oil marketers on issues bordering on the cost of Premium Motor Spirit, popularly called petrol, fuel queues, bridging claims payment, among others in the downstream oil sector. Source Punch Read More

FG Plans 3,863mw to Boost Power Grid – Report - An additional capacity of 3,863 megawatts of electricity is to be made available to boost power supply to customers across the country in the next 24 months, the Federal Government has said. Source Punch Read More

Oil Edges Up After U.S. Stock Build, Big Inflation Figure - Oil prices rose modestly on Wednesday even after U.S. oil inventories rose and after U.S. inflation figures bolstered the case for another big Federal Reserve interest rate increase. Source Reuters Read More

PROSHARE MARKETS

Investors Lose N90.14bn as NGXASI Dips by 0.32%; Debt Market Size Grows by 1.80% to Close at N28.85trn; IEFX Rate Appreciates to N424.58 - The NGX All-Share Index dipped by -0.32% to close at 51,390.25 basis points as against -0.01% loss recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N90.14bn loss. YTD, the NGXASI Stands at +20.31%. Source Proshare Research Read More

Purple Real Estate Group Releases Its Unaudited Results for Q1 2022 - Revenue grew significantly by 530.7% Y-o-Y to ₦1.9 billion in Q1 2022, mainly due to the income from the sale of our new projects in our real estate business, Nano[1] (N843.9 million) which made up 44.2% of total revenue and Urban[2] (N606.0 million) which made up 31.8% of total revenue. Source Purple Real Estate Income Limited Read More

PROSHARE BUSINESS

US Inflation Rate Jumps to 9.1% - Highest in Almost 41 Years - The annual inflation rate of the United States reached 9.1 percent in June, the highest rate in almost 41 years. The Bureau of Labour Statistics (BLS) disclosed this on Wednesday in its latest consumer price inflation (CPI) report. Source TheCable Read More

PIA: Buhari Signs Assets Transfer Documents to NNPC Ltd - Ahead of July 19 formal unveiling of the Nigerian National Petroleum Company Limited (NNPC), President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources, and the Minister of Finance Budget and National Planning, Mrs Zainab Ahmed have signed the transfer of assets documents from NNPC as a Corporation to the Limited version created by the Petroleum Industry Act (PIA). Source The SUN Read More

Global Food Import Bill to Hit $1.8tr - Global food import bill is to hit $1.8 trillion this year due to higher prices and transport costs, rather than volumes, Food and Agriculture Organisation (FAO) has said. Source The Nation Read More

PROSHARE TECHNOLOGY

Telcos Record Increased Voice Subscribers in Q1 2022 - In its latest update on Telecoms industry statistics, the National Bureau of Statistics reported a 3.7% y/y growth in active voice subscriptions in Q1’22 from about 192m subscribers in Q1’21 to c.200m subscribers. On a q/q basis, the growth rate was slightly lower at 2.1%. Source FBNQuest Read More

90% of Technologies Powering Nigerian Economy Imported, says NOTAP - The National Office for Technology Acquisition and Promotion (NOTAP) has said that 90 per cent of technologies currently powering the Nigerian economy are imported. Source The Guardian Nigeria Read More

Nigeria Records 7m New Broadband Subscribers In 7months - Nigeria’s broadband penetration recorded a quantum leap in the last seven months from November 2021 with a record of seven million new subscriptions, indicating a steady rise in the nation’s quest to achieve 70 per cent national coverage by 2025. Source Daily Trust Read More

NCC Assures Internet Service Providers of Sustainable Policies, Regulation - The Nigerian Communications Commission (NCC) has assured Internet Service Providers (ISPs) in the country of sustainable policies and regulation that will help them remain in business and become more competitive. Source THISDAYLIVE Read More