PROSHARE ECONOMY

Oil Supply Fears Mount as OPEC Underperforms - OIR 140622 - News of OPEC+ members underperforming their production targets is far from surprising, yet this week’s oil trading has been palpably impacted by the prospect of undersupply. Source Tom Kool of Oilprice Read More

Subsidy Overtakes Health, Education, Welfare Budgets, World Bank Warns Nigeria - The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education, and social protection for Nigerians. Source Punch Read More

World Bank: Inflation to Push Additional 1m Nigerians into Poverty by end of 2022 - The World Bank says inflation is likely to push an additional one million Nigerians into poverty by the end of 2022. The international financial organisation made the projection in its latest Nigeria Development Update (NDU), released on Tuesday. Source TheCable Read More

PROSHARE MARKETS

Investors Lose N47.31bn as NGXASI Dips by -0.16%; Overnight Rate Closes Flat at 14%; BDC Rate Appreciates to N605 - The NGX All-Share index dipped by -0.16% to close at 53,113.64 basis points as against +0.06% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N47.31bn loss. YTD, the NGXASI Stands at +24.34%. Source Proshare Research Read More

Dangote Cement Shareholders up Dividend by 25% to N20 per share - Shareholders of Dangote Cement Plc yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review. Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year. Source Dangote Read More

Farmers’ Demand for Seeds Pressures Grain Prices – AFEX Commodities Weekly Report 100622 - Prices of domestic commodities are increasing due to the onset of the planting season. This has led to increased demand for seeds by farmers for planting.  Players expect this trend to continue in the coming weeks as farmers take advantage of rains to kick off 2022 wet season planting. Source AFEX Read More

PROSHARE BUSINESS

Proshare Appoints Funke Medun as an Independent Director - Proshare, a professional research and information services practice, recently appointed Ms. Funke Medun as an Independent Director to the Board of Directors of the Company. Source Proshare Read More

Dollar Rises by 21%, FX Shortage Persists After Party Primaries - Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market of Africa’s biggest oil producer. Source Punch Read More

ECOWAS Pushes Launch of Single Currency to 2027 - Mr Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency “ECO” in 2027. Source Vanguard Read More

PROSHARE TECHNOLOGY

Nigeria orders Facebook, Twitter, others to provide information on ‘harmful accounts’ - The Federal government has announced new regulations for Facebook, Twitter, Instagram, and other internet platforms operating in Nigeria. Source The Guardian Nigeria Read More

Investment Into African Startup to Hit 10bn in 3 Years - A research by a blockchain-based mobile network operator, World Mobile shows, has concluded that investment into tech startups in Africa would double by 2025 reaching $10bn. Source Daily Trust Read More

PROSHARE FINANCE

Ecobank has Identified with Adire, Proving Its Pan African Nature - Ooni of Ife - The Ooni of Ife, Oba Adeyeye Ogunwusi says Ecobank has identified with Adire, proving its Pan African nature and reconfirming the bank’s support for the growth of indigenous culture, tourism, and entrepreneurship across the continent. Source Ecobank Read More