PROSHARE ECONOMY

Bullish Sentiment Creeps Back into Oil Markets- OIR 260722 - For the second straight week, the main oil futures contracts have seen a marked rejuvenation in open interest, primarily coming from bullish long positions. This suggests that, despite ongoing fears of an economic recession, traders believe that the selloff earlier this month was overdone. Source Tom Kool of Oilprice Read More

Reps Move to Amend CBN Act Over Emeifile’s Political Adventure - The House of Representatives has passed for second reading, a bill to determine the appointment or cessation of the governor of the Central Bank of Nigeria (CBN), deputy and directors. Source Daily Trust Read More

Confronting the Energy Crisis: An Action Plan to End Load Shedding - Load shedding is the single biggest constraint on South Africa’s economic growth. Government is taking action both to address the immediate crisis and to make load shedding a thing of the past. We are mobilising all the resources at our disposal and will do whatever it takes to achieve energy security. Source Presidency, South Africa Read More

FAAC Shares N802.4 b to FG, States & LGCs - The Federation Account Allocation Committee (FAAC) has shared a total sum of N802.407 billion to the Federal Government, States and Local Government Councils. The funds represented Federation Revenue earned in the month of June, to be used for expenditure in the month of July. Source Vanguard Read More

PROSHARE MARKETS

Investors Lose N516.69bn as NGXASI Dips by 1.86%; Toni Index Dips by -3,13%; Open Repo Rate Expands by 0.17% to Close at 15%; IEFX Rate Depreciates to N431.00 - The NGX All-Share Index dipped by 1.86% to close at 50,442.37 basis points as against 1.11% loss recorded to close at 51,400.53 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N516.69bn loss. YTD, the NGXASI Stands at +18.09%. Source Proshare Research Read More

AFEX Introduces an Investment Opportunity for Investors via its Trade Finance Note - AFEX is introducing an investment opportunity for investors looking to tap into the export market and enjoy the benefits of their investment – the AFEX Trade Finance Note. This is a fixed-income product designed to finance the operation of exporters of commodities. Source AFEX Read More

The Markets in Review: Earnings Suggest the NGX All-Share is Cheap – Coronation Research - Nigeria has lacked Foreign Portfolio Investment (FPI) in recent years, but this has not stopped a remarkable rally in the NGX Exchange All-Share Index since April 2020. The significant reduction in foreign investor participation on the NGX Exchange in recent years has coincided with a fall in stock valuations. Source Coronation Research Read More

PROSHARE BUSINESS

Bakers End Strike, Hike Bread Price Again - The Premium Breadmakers Association of Nigeria says it has suspended its four-day warning strike which began on Thursday. Speaking in an exclusive interview with The PUNCH on Tuesday, the PBAN President, Emmanuel Onuorah, said his members had resolved to increase prices of bread in order to cushion the impact of the harsh operating environment. Source Punch Read More

No Immediate Solutions to Current Aviation Fuel Crisis – Sirika - The minister of Aviation, Hadi Sirika said there are no immediate solutions to the crises rocking Nigeria’s aviation sector because the variables impacting the crises in the aviation sector are beyond the industry’s control. Source LeadershipG Read More

NEPC Moves to Tackle Supply Chain Constraints, Issues 13 Warehouse Licences to Operators - The Nigerian Export Promotion Council (NEPC) says it has issued licences to thirteen domestic export warehouse (DEW) operators across all geopolitical zones in the country. Source TheCable Read More

PROSHARE TECHNOLOGY

MAX Partners With Yamaha to Expand Operations Across the Continent - Following their recent milestone of 100 million kilometres, Max has announced a partnership with Yamaha’s Nigerian subsidiary, Moto Business Service Nigeria (MBSN), to finance and maintain over 50,000 vehicles over the next 2 years. Source TechCabal Read More

PROSHARE FINANCE

Nigerian Banks to Suspend Int’l Transactions on Naira Visa Debit Card by August 1 - With the increasingly harsh operating environment, some Nigerian banks have started notifying their customers that it is set to suspend international transactions on Naira visa debit cards by August 1, 2022. Source The SUN Read More

PROSHARE MSME

SMEDAN to Leverage D-8 Region for Economic Integration, Trade Linkages - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has expressed commitment to leveraging partnerships within the D-8 to promote, encourage, advance and support the activities of MSMEs at the national level as well as within the D-8 region to further strengthen economic, trade and commercial integration and linkages. Source The Guardian Nigeria Read More