10th August 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI64,167.39-1.75%25.20%
Brent Crude Oil   87.481.52%1.83%  
Natural Gas2.966.73%-27.80%
I&E FX Window 782.88-3.42%-74.73%
Parallel Market  905.00-0.89%-22.30%
Nigerian Treasury Bill (Average Yield %)6.88%0.00%12.23%
FGN Bonds (Average Yield %)13.59%-0.02%14.97%
Gold  1,916.51-0.43%5.64%
Cocoa 3,292.00-1.23%26.33%
  • The NGX All-Share Index (ASI) declined by 1,142.26 points (-1.75%) yesterday, closing 64,167.39. This signifies a loss of 0.16% over the past week, a gain of 0.19% over the course of four weeks, and a year-to-date performance of 25.2%. Among the declining stocks are National Salt Company (-10%), Multiverse Mining & Exploration (-10%), John Holt (-9.77%), and Dangote Cement (-9.09%).
  • Oil prices hit new peaks on Wednesday with the global Brent benchmark touching its highest since January after a steep drawdown in U.S. fuel stockpiles and Saudi and Russian output cuts offset concerns about slow demand from China. Brent crude settled US $1.38 or 1.52% higher at US $87.48 a barrel, its highest since Jan. 27. West Texas Intermediate crude (WTI) closed US $1.48, or 1.8%, higher at US $84.40, at its highest since November 2022.
  • We are now clearly back to where we were eight weeks ago – signficant gap between I & E window and street rates. At the I&E window, Naira depreciated by 3.42%, closing at N782.88 against the US dollar. However, on the streets, Naira down by 0.89%, reaching N905 against the US dollar.
  • U.S. natural gas futures jumped nearly 7% to a five-month high on Wednesday as sustained hotter-than-normal weather kept air conditioning demand high, especially in Texas. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 16.1 cents, or 6.73%, to US $2.96 mmBtu.

ThinkBusiness Africa

Your daily dose of contexts, commentary, and insights on business and economic developments that matter to you.