Market Summary - 21/09/2023

Sectoral Performance

NIGERIA NEWS

Market News:

• Stock market drops further by 0.09% - Stock market drops further by 0.09% - Businessday NG
• Nigerian banks incur $1billion in loan losses, blame macro-economic conditions "" Nigerian banks incur $1billion in loan losses, blame macro-economic conditions  - Nairametrics
• UBA Introduces NQR to Ease Payment for Goods, Services - UBA Introduces NQR to Ease Payment for Goods, Services - THISDAYLIVE
• Wema Bank Announce Launch of Hackaholics Digital Summit - Wema Bank Announce Launch of Hackaholics Digital Summit - THISDAYLIVE
• Trade volume hits N1.12bn on NGX - Trade volume hits N1.12bn on NGX (punchng.com)

Economy News:

• Naira Falls Further to N995/$ on Parallel Mkt, Edun Blames $6.8bn Backlog for Currency's Woes - Naira Falls Further to N995/$ on Parallel Mkt, Edun Blames $6.8bn Backlog for Currency's Woes - THISDAYLIVE
• CBN postpones September 2023 MPC Meeting "" CBN postpones September 2023 MPC Meeting - Nairametrics
• Max Air Fuel Contamination: Public Fear is Justified "" NCAA "" Max Air Fuel Contamination: Public Fear is Justified "" NCAA - Nairametrics
• Enugu Governorship tribunal upholds Peter Mbah's victory "" Enugu Governorship tribunal upholds Peter Mbah's victory  - Nairametrics
• Arik Air shareholders debunks AMCON claim of N240bn "" Arik Air shareholders debunks AMCON claim of N240bn - Nairametrics
• Stakeholders: Multiple Taxation, Operating Cost, Responsible for Hike in Domestic Flights - Stakeholders: Multiple Taxation, Operating Cost, Responsible for Hike in Domestic Flights - THISDAYLIVE
• World Bank/IMF meetings: Rising debts, inclusion to top Africa's agenda - World Bank/IMF meetings: Rising debts, inclusion to top Africa's agenda (punchng.com)
• Govt caused N285bn decline in raw material exports - Govt caused N285bn decline in raw material exports "" MAN (punchng.com)
• Fixit45 secures $1.9m funding for East Africa expansion - Fixit45 secures $1.9m funding for East Africa expansion (punchng.com)

Rest of Africa:

• President Sisi approves $400M loan from World Bank for logistics project - President Sisi approves $400M loan from World Bank for logistics project - EgyptToday
• Egypt's production index for transformative, extractive industries rise 1.38% in July - Egypt's production index for transformative, extractive industries rise 1.38% in July - EgyptToday
• Egypt in Talks with UAE bank for wheat purchase loan from Kazakhstan - Egypt in Talks with UAE bank for wheat purchase loan from Kazakhstan - EgyptToday
• Egypt's election commission will announce on 25 September the next presidential election date
• The Egyptian government plans to boost the wheat cultivation area to 3.8m feddans in FY23/24 from 3.2m feddans the previous year
• Shilling tipped to weaken further on low forex inflows - Shilling tipped to weaken further on low forex inflows - Business Daily (businessdailyafrica.com)
• Kenya debt stock approaching $70bn, as share of external borrowing rises, shilling - Bberg

·         Fahari retail investors face forced buyout in three years - Fahari retail investors face forced buyout in three years - Business Daily (businessdailyafrica.com)

·         Kenya's fuel prices 12th highest in Africa - Kenya's fuel prices 12th highest in Africa - Business Daily (businessdailyafrica.com)

• Central banks in the southern Africa nations of Mozambique, Zimbabwe and Eswatini to announce their rate decisions - Bberg
• IMF to Lend Malawi $174m; Sees Debt Revamp Key to Sustainability  - Bberg
• Zimbabwe Lithium Output Dropped 17% in First Quarter: ZimStats - Bberg
• De-Dollarization: Former Zimbabwe Minister Warns of Economic Disaster - De-Dollarization: Former Zimbabwe Minister Warns of Economic Disaster (businessinsider.com)
• Zimbabwe - President Addresses General Debate, 78th Session - Zimbabwe - President Addresses General Debate, 78th Session | UN Web TV
• Namibia 2Q GDP Rises 3.7% Y/y - Bberg
• T-bills unlikely to be included in DDEP in near term - T-bills unlikely to be included in DDEP in near term "" Fitch (ghanaweb.com)
• Producer Price Inflation rate for August declines to 28.3% - Producer Price Inflation rate for August declines to 28.3% (ghanaweb.com)
• €10 million project to address food security in Northern Ghana launched - â‚¬10 million project to address food security in Northern Ghana launched (ghanaweb.com)

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