PROSHARE ECONOMY

Ardova Plc: Unbundling a Dispute - Following media headlines that suggested Zenon Petroleum & Gas Limited had petitioned a Federal High Court in Lagos to wind up Ardova Plc over an alleged US$6m debt, Proshare analysts engaged market entities related to the matter to establish clarity and understanding, from an investor perspective. Source TheAnalyst, Proshare Research Read More

Headline Inflation Rises to a 17-Year High of 19.64% - Nigeria’s headline inflation rose by 1.04% to 19.64% from 18.6% in June. This is the 6th consecutive monthly increase and the highest inflation rate since September 2005. Food inflation, the major victim of supply chain disruptions spiked to 22.02%. Source FDC Ltd Read More

Power Generation Falls by 503MW, Workers Threaten Strike - Nigeria’s power generation dropped by 502.7 megawatts on Tuesday as members of the National Union of Electricity Employees and their counterparts in the Senior Staff Association of Electricity and Allied Companies grounded the nationwide operations of the Transmission Company of Nigeria the same day. Source Punch Read More

Discos Alert on Nationwide Blackout as TCN Begs Workers to Suspend Planned Strike - The Electricity Distribution Companies (Discos) have alerted Nigerians to a likely nationwide blackout as the Transmission Company of Nigeria (TCN) yesterday begged workers in the sector to suspend their proposed strike which commences today. Source THISDAYLIVE Read More

PROSHARE MARKETS

Investors Gain N28.10bn as NGXASI Inches up by 0.10%; Debt Market Size Declines by 0.24% to Close at N29.07trn; IEFX Rate Depreciates to N430.67 - The NGX All-Share Index inched up by 0.10% to close at 49,709.46 basis points as against 0.01% loss recorded to close at 49,657.33 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N28.10bn gain. YTD, the NGXASI Stands at +16.37%. Source Proshare Research Read More

ETI H1 2022 Result: Earnings Sprint as Nigerian CBN Policy Rate Rises to 14% - ETI's H1 2022 result showed top and bottom-line earnings growth, which rose by +13.71% and +27.7%, respectively. The group's effort at investing in technology and digital enhancements supported the fall in the cost-to-income ratio (CIR) to 56.0%. Source Ademidun Shogo, TheAnalyst, Proshare Research Read More

The Markets in Review: Good News for Savers as FGN Bond Yields Rise – Coronation Research - Markets are looking more familiar these days. In our report, FGN bond yields on the move (18 July 2022), we discussed how Federal Government of Nigeria (FGN) bonds denominated in US dollars were yielding more than equivalent ones in Naira. Source Coronation Research Read More

FG Seeks to Bar Foreigners from Buying Food Commodities at Farm Gate - The Minister of Industry Trade and Investment, Mr. Adeniyi Adebayo, yesterday inaugurated an Inter-Ministerial Standing Committee to oversee the implementation of a memo on the “Promotion of Agri-Business in Nigeria through Right Farm Gate Pricing and Ban of Foreigners from Purchasing Agricultural Commodities at the Farm Gates.” Source THISDAYLIVE Read More

PROSHARE BUSINESS

UK Cuts Tariffs for Goods Imported from Africa to Boost Trade - The UK government says it will remove tariffs from up to 99 percent of goods imported from Africa and other developing countries. Source TheCable Read More

Oil Prices Edge Up From 6-Month Lows After Drop in U.S. Stockpiles - Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Source Reuters Read More

FG to Launch $750m World Bank-Backed Programme - The Presidential Enabling Business Environment Council, on Tuesday, unveiled its plans to kickstart a $750m World Bank-funded programme in January next year. Source Punch Read More

PROSHARE TECHNOLOGY

Google Invests Part of its $50m African Investment Fund in eLogistics Company Lori Systems - The investment in Lori Systems is the third from Google’s $50 Million Africa Investment Fund, which CEO Sundar Pichai announced in October 2021. Source TechEconomy Read More

NITDA, ICPC Move to Fight IFF in govt Ministries - The National Information Technology Development Agency (NITDA), through its subsidiary, the Office for Nigerian Digital Innovation (ONDI), in partnership with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has opened applications for the 2022 Illicit Financial Flows (IFFs) hackathon. Source The SUN Read More

PROSHARE MSME

MTN Partners SME Capacity Building Providers to Make Learning More Affordable - MTN Nigeria Plc has announced a new data bundle specially designed for micro small and medium enterprises (MSMEs) who desire to access free business capacity building content but cannot afford the data required to do so. Source MTN Nigeria Read More

FG Inaugurates Committee to Promote Clean Energy Technology for Startups, SMEs - The federal government has inaugurated a project steering committee for the global clean-tech innovation programme (GCIP) in Nigeria, to promote the development of clean energy technologies for sustainable start-ups and small, medium enterprises in Nigeria. Source TheCable Read More