PROSHARE MARKETS

Investors Gain N260.31bn as NGXASI Advances Further by 0.86%; Overnight Rate Closes Flat at 10.81%; BDC Rate Closes Flat to N755 - The NGX All-Share Index advanced by 0.86% to close at 55,806.26 basis points as against a 0.69% gain recorded previously to close at 55,328.42 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N260.31bn gain. YTD, the NGXASI Stands at +8.89%. Source Proshare Research Read More

The Markets in Review: Changing Dynamics: A Tale of Two Equity Markets – Coronation Research - The equity market in 2023 differs from that of 2015. General elections typically bring about uncertainty and markets do not like uncertainty. In the run-up to the elections, the equity market declined 11.81% from the beginning of the year to March 28th, 2015. This year, however, the market has gained 7.96% year-to-date. Source Coronation Research Read More

Seplat Energy Plc Reports N44.43bn PAT in 2022 Audited Results, Proposes 2.5cents Final Dividend; (Share Price: N1325.00k) - Seplat Energy Plc released its Q4 2022 Audited results for the period ended December 31st, 2022. Source NGX Read More

Lafarge Africa Plc Declares N53.65bn PAT in 2022 Audited Results, Proposed N2.00K Final Dividend; (SP: N25.60k) - Lafarge Africa Plc released its Q4 2022 Audited results for the period ended December 31st, 2022. Source NGX Read More

PROSHARE ECONOMY

Oil Prices on Course for a Fourth Consecutive Monthly Loss - OIR 280223 - UK major BP (NYSE:BP) and US heavyweight Chevron (NYSE:CVX) have signed memoranda of understanding with Chinese refiner Yulong Petrochemical to supply its 400,000 b/d refinery in Shandong. Source Oilprice Read More

GCR Places Ghanaian Financial Institutions on Ratings Watch Negative due to Sovereign Default - GCR Ratings (“GCR”) has placed Ghanaian financial institutions on Rating Watch Negative following the review of the Ghanaian country risk and financial institutions sector risk scores. Source GCR Ratings Read More

Manufacturing Woes Contributing to Foreign Exchange Shortage - NESG Report - Nigeria’s weak manufacturing sector is one of the key factors contributing to the shortage of foreign exchange in the country, according to a recent report by the Nigerian Economic Group (NESG). Source Leadership Read More

PROSHARE REGULATORS

CBN Tenure Limit: FBN DMD, Shobo First to Step Down, Others To Follow - In line with the latest directive of the Central Bank of Nigeria (CBN) on tenure limits for bank and financial holding companies’ executives, the deputy managing director of First Bank of Nigeria, Gbenga Shobo, has stepped down from the Board of the bank with immediate effect, the first to do so following the directive. Source Leadership Read More

‘We Are Developing Standards to Push Commodities Globally’ - The Securities and Exchange Commission (SEC) said it is currently working with the Standards Organisation of Nigeria (SON) to develop standards that would make the country’s commodities acceptable in the international market. Source Leadership Read More

PROSHARE BUSINESS

Mrs Virginie Darbo Resigns as a Non-Executive Director of Lafarge Africa Plc; Appoints Ms. Sonal Shrivastva - Lafarge Africa Plc hereby notifies of the resignation of Mrs. Virginie Darbo as a Director with effect from 24th February 2023. Mrs. Darbo was appointed to the Board on 11th December 2020 and served as a NonExecutive Director of the Company until her resignation. Source NGX Read More

PROSHARE TECHNOLOGY

UAE Emirate to Launch Free Zone for Digital and Virtual Asset Firms - Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players. Source Cointelegraph Read More

Adoption of Mobile Tech to Shape Nigerian E-commerce Sector - Digital commerce is becoming the fastest growing commerce in the Nigerian market, even as the director of African Operations, Jiji Africa, Yuliy Shenfeld, has attributed the growth to the increasing adoption of technology and the rise of online payment platforms in the country. Source Leadership Read More

PROSHARE MSME

Google Announces $4m Funds for Startups In Africa, Europe - Google has announced applications for the third cohort of its Black Founders Fund for startups in Africa and Euroupe. This was made known in a statement by the Head of Startup Ecosystem, Google, sub-Saharan Africa, Folarin Aiyegbusi, on Tuesday in Lagos. Source Punch Read More