PROSHARE MARKETS

Investors Lose N6.55bn as NGXASI Declines by 0.02%; Overnight Rate Expands to 19.00%; BDC Rate Appreciates to N745 - The NGX All-Share Index declined by 0.02% to close at 54,924.08 basis points as against 0.06% gain recorded previously to close at 54936.11 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N6.55bn loss. YTD, the NGXASI Stands at +7.17%. Source Proshare Research Read More

Guaranty Trust HolCo Plc’s Board Approves 2022 AFS; Awaits Other Requisite Approvals - Guaranty Trust Holding Company Plc’s Audited Financial Statements (AFS) for the year ended December 31, 2022, was approved by the Board of Directors on January 27, 2023, and other requisite approvals required for the publication of the AFS are being processed. Source NGX Read More

Bank of England Raises UK Interest Rates by Quarter Point to 4.25% - The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 22 March 2023, the MPC voted by a majority of 7–2 to increase Bank Rate by 0.25 percentage points, to 4.25%. Two members preferred to maintain Bank Rate at 4%. Source Bank of England Read More

PROSHARE ECONOMY

NLC Picketing of CBN Headquarters and Branches - OpEd - Against the background of the continued cash scarcity across the country, the Nigeria Labour Congress (NLC) announced plans to picket all Central Bank of Nigeria (CBN) offices nationwide on March 29, 2023. This comes after a seven-day NLC ultimatum to the Federal Government to increase cash in circulation (CIC). The ultimatum expired on March 20, 2023. Source Olufemi Awoyemi and Impact Research Team Read More

FEC Approves N454bn for Kano-Niger Republic Rail, Others - The Federal Executive Council, on Wednesday, approved the sum of N453.90bn for the procurement of rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line currently under construction. Source Punch Read More

Oil Falls as US Holds Off Refilling Strategic Reserve - Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Source Reuters Read More

PROSHARE BUSINESS

China Says it has Never Deliberately Pursued Trade Surplus with U.S. - China has never deliberately pursued a trade surplus with the United States, Shu Jueting, a commerce ministry spokesperson, said on Thursday, despite signs that China is continuing to reduce its reliance on American exports. Source Reuters Read More

NLNG Targets Methane Emissions Reduction, Pursues Decarbonisation - Nigeria LNG Limited (NLNG) has joined the Oil and Gas Methane Partnership (OGMP 2.0), a partnership coordinated by the United Nations Environment Programme (UNEP) to reduce methane emissions and improve the accuracy and transparency of methane emissions reporting. Source Guardian Read More

Customs Partners NIPSS, Seeks Better Solution to Trade Facilitation - The CGC made this known at the Service Headquarters in Abuja, when he received a delegation of the National Institute for Policy and Strategic Studies led by its Director General, Professor Ayo Omotayo. Source The Sun News Read More

PROSHARE TECHNOLOGY

Nigerian Government Removes Customs Taxes for Telecom Operators - The Nigerian government has recently announced the removal of excise duty for the telecom sub-sector of Nigeria’s digital economy. The government says this is in line with the Presidential review committee’s suggestions to review the applicability of the Duty to the telecom sector. Source Broadcast Media Africa Read More

Accenture Trims Forecasts, to Cut 19,000 Jobs as IT Spending Slows - Accenture Plc lowered its annual revenue and profit forecasts and decided to cut about 2.5% of its workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. Source Reuters Read More

Potential TikTok Ban Sends Advertisers Scrambling - Advertisers are seeking any assurances from TikTok, the viral app that helped usher in a wave of short-form video across social media, as the Chinese-owned company again faces a potential ban in the U.S. over national security concerns. Source Reuters Read More

E-Payment Failure Mounts Pressure on Bank’s Tech Facilities - On Friday, March 17, 2023, a large crowd of commuters gathered at the forecourt of the Mobil Filling Station along Alagbole-Akute Road, Ogun State. The scene was quite reminiscent of the fuel scarcity that Nigerians are familiar with. Source Punch Read More

PROSHARE FINANCE

Naira scarcity: Reps want an overhaul of banking online systems - The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct commercial banks to overhaul the existing online/electronic banking platforms for the efficient conduct of electronic banking operations. Source Vanguard Read More

Inflation pushes pension funds’ investment in FG bonds to N9.6trn - The sustained rise in inflation and interest rate has triggered significant rise in pension funds’ investments in Federal Government securities to N9.6 trillion in 2022, about 9.9 percent higher than N8.7 trillion recorded in 2021. Analysts said the rise will continue in 2023 given the continued rise in both inflation and interest rate. Source Vanguard Read More

PROSHARE MSME

TEF-Funded Entrepreneurs Make $2.3bn Revenue – Report - African entrepreneurs trained and supported by the Tony Elumelu Foundation have generated $2.3bn revenue since 2015s. This was revealed in a brochure put together to commemorate the 60th birthday of TEF Founder, Mr. Tony Elumelu, on Wednesday. Source Punch Read More