PROSHARE ECONOMY

Disco Takeover -Illiquidity in the NESI as a Result of Structural and Infrastructure Constraints - Recently, news reports came about the recent takeover of certain discos. The Federal Government (FG) has announced the takeover of three non-performing electricity distribution companies, Kano Disco, Kaduna Disco and Benin Disco, by Fidelity Bank Plc, due to the poor financial performance of the company. Source United Capital Read More

Inflation Pushing Nigeria, Others to the Brink - IMF - The International Monetary Fund has said inflation, debt, and forex crisis is pushing the Nigerian economy and other African economies to the brink. Source Punch Read More

Oil Settles Lower Ahead of Potential Large U.S. Rate Hike - Oil prices settled lower on Thursday but pared nearly all losses after falling more than $4 earlier in the session as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand. Source Reuters Read More

PROSHARE MARKETS

Investors Lose N28.05bn as NGXASI Dips by 0.10%; Overnight Rate Closes Flat at 14.00%; BDC Rate Depreciates to N619 - The NGX All-Share Index dipped by -0.10% to close at 51,339.01 basis points as against -0.32% loss recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N28.05bn loss. YTD, the NGXASI Stands at +20.19%. Source Proshare Research Read More

PROSHARE BUSINESS

Morgan Stanley Misuse of Personal Devices Costs $200 Million - Morgan Stanley said it expects to pay a $200 million fine related to a broad US investigation into the use of unapproved personal devices. That amount is based on discussions the firm has had with the Securities and Exchange Commission and the Commodity Futures Trading Commission, who have been probing the matter across Wall Street. Source Bloomberg Read More

Anti-Corruption Agencies May Recover IOCs $6.4bn Debt – NEITI - The Nigeria Extractive Industries Transparency Initiative on Thursday threatened oil firms operating in the country that it will not hesitate to activate its agreements with anti-corruption agencies in recovering the outstanding oil companies’ debts to the Federation Account if the affected firms fail to clear their indebtedness. Source Punch Read More

Major Marketers Seek Phased Deregulation as Fuel Scarcity Lingers - The Major Oil Marketers Association of Nigeria (MOMAN) has called for the commencement of gradual deregulation of the downstream oil and gas sector to reflect the current price of petroleum products. Source The Guardian Nigeria Read More

PROSHARE TECHNOLOGY

Stakefair Launches, raises $670,000 in Pre-Seed Funding - Stakefair, a Decentralized Finance (DeFi) company that is poised to disrupt the Real-Money Gaming industry, has launched its services in Nigeria. Stakefair allows users to predict the outcome of sports matches and other real-world events to earn money by staking digital currency. Like traditional gaming companies, the outcome of the wager can either be a win or a loss. Source THISDAYLIVE Read More

NCC Charges MNOs, ISPs on Alternative Energy as Diesel Cost Spikes - As telecoms operators battle with rising energy costs, especially diesel, the Nigerian Communications Commission (NCC) has called on mobile network operators (MNOs), Internet Service Providers (ISPs), Towercos, among others to switch to alternative power source in the meantime. Source The Guardian Nigeria Read More

PROSHARE FINANCE

The Markets in Review: New Hope for Savings Rates – Coronation Research - A month ago, in our report, Why are savings rates rising so slowly? (14 June 22), we questioned the transmission mechanism between official and market rates following the 150bps hike in the Monetary Policy Rate (MPR) to 13.0% by the CBN on 24 May. Source Coronation Research Read More

Issuance of Motor Insurance Certificates: How VIOs "Displaced" Insurers - Many years ago, before the implementation of the "No Premium, No Cover" regime derived from the Insurance Act 2003, anybody or organization that wanted insurance coverage for their vehicles would be issued a Cover Note for 30days by their insurance companies. Source Ekerete Ola Gam-Ikon Read More