10th May 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI 52,606.510.05%2.64%
Brent Crude Oil   76.16-1.10%-11.42%  
Natural Gas2.240.08%-45.37%
I&E FX Window 462.250.11%-3.17%
Parallel Market  740.000.27%0.00%  
Nigerian Treasury Bill (Average Yield %)7.21%0.01%17.62%
FGN Bonds (Average Yield %)14.340.04%20.98%
Gold  2,025.850.22%11.67%
Cocoa 3,179.002.29%22.00%
  • Gains recorded in some banking, and oil and gas stocks yesterday helped the market to sustain the positive sentiment. The benchmark NGX All-Share Index (ASI) inched up 26.99 (0.05%) points to close at 52,606.51, representing a 1-week gain of 0.59%, a 4-week loss of 2.64%, but an overall year-to-date gain of 2.64%. The market saw rally on the shares of Conoil Plc (10%), Transcorp Plc (9.5%), Guaranty Trust Bank (GTCO) Plc (0,4%%) and First Bank Holding (0.7%%).
  • MTN Nigeria and Airtel Nigeria both renewed their 2100MHz spectrum licenses with the Nigerian Communication Commission (NCC), the companies announced. The spectrums, first launched in 2007, has been renewed for 15 years and run till April 30, 2037. In addition, NCC approved the spectrum lease by MTN Nigeria from Natcom Development and Investment Ltd (NTEL). These are the 5MHz in the 900MHz spectrum band and 10MHz in the 1800MHz spectrum band for two years.
  • Oil prices fell on Tuesday, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures for April, key to the Federal Reserve’s next interest rate decision. The Brent crude price was down 84 cents, or 1.10%, at $76.16 and U.S. West Texas Intermediate (WTI) crude fell 50 cents, or 0.7%, to trade at $72.66. Both contracts had settled more than 2% in the previous trading session.
  • The Naira strengthened in both the I & E window and the Parallel market. It increased by 0.11% at the I&E window, which closed at N462.25 and by 0.27% at the Parallel market, which closed at N740.
  • Natural gas futures rose about 2% to a fresh one-week high on Tuesday on a decline in U.S. daily output and a drop in gas exports from Canada as wildfires shut in some oil and associated gas production. Prices climbed to US$ 2.24 despite forecasts for milder weather and less U.S. demand over the next two weeks than previously expected.

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