10th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI63,040.411.65%23%
Brent Crude Oil   78.472.55%-8.66%  
Natural Gas2.58-1.03%-37.07%
I&E FX Window 776.90-1.87%-73.40%
Parallel Market  797.50-2.11%-7.70%
Nigerian Treasury Bill (Average Yield %)6.12%0.00%-0.82%
FGN Bonds (Average Yield %)13.260.02%12.18%
Gold  1,924.640.73%6.09%
Cocoa 3,290.000.40%26.26%
  • The equities market sustained the upward movement on Friday as NGX ASI rose by 1.65% to close at 63,040.41, representing a week gain of 3.4%, 4-week gain of 12.49%, and an overall year-to-date gain of 23%. Key share price movement include that of Presco (10%), FTN Cocoa Processors (+10%), Omatek Ventures (+10%) and Afromedia (+10%), DANGCEM (3.45%) and MRS (+8.98).
  • Oil prices climbed near 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose US $1.95, or 2.6%, to settle at US $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose US $2.06, or 2.9%, to settle at US $73.86. That was the highest close for Brent since May 1 and WTI since May 24. Both benchmarks ended up about 5% for the week.
  • Naira fell at both the I & E and street markets, 1.87% and 2.11%, respectively. They closed at N776.9 and N797.5, respctively.
  • U.S. natural gas futures fell about 1% to US$2.58 on Friday to a two-week low, as drillers pulled record amounts of gas out of the ground and after a bigger-than-expected storage build last week.

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