🏞️ Nigeria Stock Index Down 41%. $105M+ VC Funding.

Yia sas 🏛️

📈 Today's Global Economic Update: The UK's unemployment rate increased to 4.4% in the February to April period, the highest since September 2021, with 1.51M unemployed. Despite an increase in part-time and self-employed workers, full-time employment decreased, and the economic inactivity rate rose to 22.3%.

🤖 Deal of the Day: Anterior, a NYC-based AI-powered healthcare administration platform, raised a $20M Series A to accelerate its hiring and growth strategies.

What's New?

🏞️ Nigeria. Nigeria stock index down 41%
💰 Funding. Healthcare, renewable energy, defense tech + more
💼 M&A. Revenue cycle management, talent management, optical retailing + more
📅 Economics. Fed rate decision, BoJ interest rate, inflation, + more

🏞️ Nigeria Stock Index Down 41%

HolonIQ’s Nigeria Index has declined by 41% in the past year, reflecting recent economic changes in the country. President Bola Tinubu’s decision to remove the currency peg of the local currency, the naira, and the withdrawal of fuel subsidies in 2023 caused high inflation and a weakening of the naira by more than 220%, leading to uncertainty in the stock markets. Although foreign investors regarded these reforms as positive moves, the sudden implementation and lack of countermeasures complicated the situation. The Central Bank of Nigeria increased its policy interest rate by 150 basis points to a record high of 26.25% in May 2024, marking the third rate hike this year aimed at curbing skyrocketing inflation and stabilizing the local currency. This move has also created negative sentiment among Nigerian stocks. While economic challenges are likely to persist in the short-term, the IMF projects that Nigeria’s economy is expected to reach $1.85 T by 2029 in Purchasing Power Parity terms, from $1.4 T in 2024, underscoring the country's long-term growth potential, which nevertheless hinges on reform implementation.

💰 Funding

🤖 Anterior, a NYC-based AI-powered healthcare administration platform, raised a $20M Series A from New Enterprise Associates to accelerate its hiring and growth strategies.

🏙️ Stake, a Dubai-based digital real estate investment platform, raised a $14M Series A from Middle East Venture Partners to launch in Saudi Arabia.

🌱 Candi, a Swiss renewable energy company, raised a $38M Series C from STOA & Norfund to expand the company's operations in India and Africa.

🛡️ ARX, a German defense technology company, raised a $9.7M Seed from NATO Innovation Fund to expand the team and scale production capabilities in Europe.

🏠 Visibly, a London-based prop-tech company raised a $7.5M Seed from Creandum to expand the team.

💼 M&A

🛠️ Cognizant, a New Jersey-based digital transformation consultancy is to acquire Belcan, for $1.3B, an Ohio-based Engineering Research & Development (ER&D) services company.

📊 HBCS, a Delaware-based Revenue Cycle Management, acquired Med-Metrix, a New Jersey-based healthcare technology solutions provider.

🧠 Brainier Solutions, a Minnesota-based talent management platform, acquired ClearCompany, a California-based learning management system (LMS) provider.

👓 The Fielmann Group, a German eyewear service provider has entered into a definitive agreement to acquire Shopko Optical, a Wisconsin-based optical retailer.

🍽️ Harlech Foodservice, a UK-based food service solutions provider, acquired Celtic Foodservices, a food and janitorial products supplier in the UK.

🩺 Mable Health, a Canadian orthotics and prosthetics investment firm, acquired V2 Innovations, an orthopedic service clinician in Canada.

💧 Azuria Water Solutions, a Missouri-based water solutions company, acquired Insituform Technologies, a pipeline rehabilitation solutions provider in Missouri.

⚗️ IMCD, a Netherlands-based chemicals and ingredients distributor, acquired Selechimica, an Italian distributor in the pharmaceutical industry.

🏗️ Terracon, a Kansas-based engineering consulting service company, acquired Sage Environmental, a Rhode Island-based environmental health and safety consultancy.

🦠 TOMI Environmental Solutions, a California-based pathogen control company has signed an agreement to acquire SteraMist, a Maryland-based hydrogen peroxide decontamination provider.

📱 JobGet, a Massachusetts-based provider of an app-first hiring platform, acquired Wirkn, a Canadian frontline recruitment platform provider.

📅 Economic Calendar

Fed Rate Decision, BoJ Interest Rate, Inflation, + More

Tuesday, June 11th 2024

🇬🇧 UK Employment Data, April
🇨🇳 China Inflation Data, May

Wednesday, June 12th 2024

🇬🇧 UK GDP, April
🇺🇸 US Core Inflation Data, May
🇺🇸 US Inflation Data, May
🇺🇸 US Fed Interest Rate Decision
🇺🇸 US FOMC Economic Projections
🇺🇸 US Fed Press Conference

Thursday, June 13th 2024

🇺🇸 US PPI, May

Friday, June 14th 2024

🇯🇵 Japan BoJ Interest Rate Decision
🇺🇸 Michigan Consumer Sentiment (Preliminary), June

Tuesday, June 18th 2024

🇦🇺 Australia RBA Interest Rate Decision
🇩🇪 Germany ZEW Economic Sentiment Index, June
🇺🇸 US Retail Sales Data, May
🇯🇵 Japan Balance of Trade, May

Wednesday, June 19th 2024

🇬🇧 UK Inflation Data, May

Thursday, June 20th 2024

🇬🇧 UK BoE Interest Rate Decision
🇺🇸 US Building Permits (Preliminary), May
🇯🇵 Japan Inflation Data, May

Friday, June 21st 2024

🇬🇧 UK Retail Sales Data, May
🇩🇪 Germany HCOB Manufacturing PMI (Flash), June

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