PROSHARE MARKETS

Investors Gain N10.15bn as NGXASI Advances by 0.03%; Overnight Rate Expands to 17.60%; BDC Rate Depreciates to N750 - The NGX All-Share Index advanced by 0.03% to close at 54886.04 basis points as against 0.09% loss recorded previously to close at 54886.04 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N10.15bn gain. YTD, the NGXASI Stands at +7.13%. Source Proshare Research Read More

Fixed Income Market Tumbled in Both Developed and Emerging Economies in Year 2022 - Download the Full PDF Reports Here. The fixed income tumbled this year both in the developed and emerging economies, bond yields rose to record high levels with selloff sentiments. The market seems to have recovered from the covid-19 surge in 2021 but the eruption of the Russian-Ukrainian war in Q1 2022 triggered a global financial crisis. Source Proshare Research Read More

Summary of FGN Bond Auction Results for March 2023 - Auction Result for the 13.98% FGN FEB 2028 (Re-opening, 10-Year Bond); 12.50% FGN APR 2032 (Re-opening, 10-Year Bond), 16.2499% FGN APR 2037 (Re-opening, 20-Year Bond) & 14.80% FGN APR 2049. Source DMO Read More

PROSHARE ECONOMY

CBN Stays Hawkish as MPC Raises Policy Rate to 18%, as Analysts Fret over Growth - Nigeria’s Central Bank (CBN) has opted to stay hawkish as it confronts domestic inflation by keeping the monetary policy rate (MPR) high. The regulator in a move that has been seen as mimicking the United States of America’s Fed adoption of a sustained tight monetary policy stance increased the previous 17.5% MPR by 50bp to 18%. Source Proshare Research Read More

CBN Communiqué No. 147 of the MPC Meeting – Mar 20-21, 2023 - The Monetary Policy Committee (MPC) met on the 20th and 21st of March 2023, faced with new and existing headwinds, undermining the full recovery of the global economy. These include the recent bank failures in the United States and Switzerland, amidst widespread monetary policy tightening, which introduced a new dimension to the risks confronting the global financial system. Source Central Bank of Nigeria Read More

Shell Reports Sharp Fall in Nigeria Oil Spills After Shutdown - Shell reported a sharp fall in oil spilled as a result of sabotage in Nigeria’s oil-rich Delta in 2022 reflecting closure of operations for six months in the wake of attacks. Source THISDAYLIVE Read More

Petrol Price Increased By 54.76% In One Year – NBS - The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N170.42 in February 2022 to N263.76 in February 2023. Source Daily Trust Read More

PROSHARE REGULATORS

Yellen Vows to Safeguard Deposits at Smaller U.S. Banks, Intervene If Needed - U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is prepared to intervene to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in more than a decade. Source Reuters Read More

Fed Likely to Follow ECB’s Playbook and Hike Interest Rates This Week - The European Central Bank raised its benchmark interest rate by 50 basis points on Thursday. Will the U.S. Federal Reserve follow suit? The answer is yes, albeit a smaller-sized move, economists said Thursday. Source Market Watch Read More

PROSHARE BUSINESS

FMN Women Network Holds Virtual Event to Commemorate International Women's Day and Promote Gender Equity - A virtual event was hosted by the Flour Mills of Nigeria's Women Network with the goal of promoting the use of technology and innovation to empower women and advance gender equality. Source FMN Plc Read More

African Infrastructure Gets Boost From $12 Billion Climate Fund - The Green Climate Fund, a $12 billion international climate finance facility, has agreed to make its biggest ever African equity investment, backing infrastructure that can withstand the impact of a warming planet. Source Bloomberg Read More

N1trn Debt Payment, Gas Supply, Others Top Gencos’ Agenda for Incoming Govt - Power Generation Companies (Gencos) have listed some issues affecting operators and investors in the Nigerian Electricity Supply Industry (NESI), which they want the next president to pay priority attention to. Source THISDAYLIVE Read More

China, Nigeria Trade Deals Dropped By N37bn In 1 Year - The trade deal between China and Nigeria dropped by N37.3 billion or $81 million in 2022 from the previous record in 2021, just as both countries make efforts to improve bilateral relations. Source Daily Trust Read More

PROSHARE TECHNOLOGY

More Funding for Fintechs - According to a Reuter’s report vice President Yemi Osinbajo, last week launched a US$618 million fund under the Investment in Digital and Creative Enterprises (iDICE) to support tech and creative sectors and provide funds for young investors who struggle to raise capital. Source CSL Research Read More

Google opens up access to Bard AI chatbot, its rival to ChatGPT - Google is beginning to open up access to its Bard artificial-intelligence service, the company said Tuesday. The search giant sees Bard as “a complementary experience to Google Search,” and those who ask questions to Bard will also see options allowing them to easily search for more information through the Google search engine. Source Market Watch Read More

Digital Economy Sector Exempted From 5% Excise Duty - The Minister of Communications and Digital Economy, Isa Pantami, has announced that the President, Major General Muhammadu Buhari (retd.), has approved the exemption of the digital economy sector from five per cent excise duty. Source Punch Read More

PROSHARE FINANCE

NGX, Partners Further Advocate Financial Literacy for Young Nigerians - Nigerian Exchange Limited (NGX) continues to build on its advocacy of inculcating a culture of saving and investing in young Nigerians as it celebrates the 2023 edition of Global Money Week (GMW). Source NGX Read More

First Republic Considers Downsizing if Capital Raise Fails -Sources - First Republic Bank (FRC.N), the U.S. regional bank struggling to remain viable following a flight of deposits, is looking at ways it can downsize if its attempts to raise new capital fail, according to three people familiar with the matter. Source Reuters Read More

What the Global Banking Turmoil Means for Nigeria’s Financial Sector - First, a bit of context. The COVID-19 pandemic and its effects are still rippling across the world. On the one hand there were severe disruptions to supply chains, and on the other hand there was a lot of effort by governments around the world to support their economies and to minimize the effects of measures to deal with the pandemic. The consequence of both factors was a global spike in inflation which, in many countries, rose to levels not seen in decades. Source AGORA POLICY Read More