11th May 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI 52,209.31-0.76%1.87%
Brent Crude Oil   76.28-1.50%-10.91%  
Natural Gas2.19-3.4%-46.59%
I&E FX Window 462.250.11%-3.17%
Parallel Market  745.00-0.68%-0.68%  
Nigerian Treasury Bill (Average Yield %)7.21%0.01%17.62%
FGN Bonds (Average Yield %)14.340.04%20.98%
Gold  2,034.810.03%11.67%
Cocoa 3,263.002.85%25.22%
  • The benchmark NGX All-Share Index (ASI) dropped 396.10 (-0.75%) points to close at 52,209.31, representing a 4-week loss of 1.53%, but an overall year-to-date gain of 1.87%. This was caused by the decline in BUACEMENT (-8.02%), ACCESSCORP (-7.02%), CADBURY (-0.73%), DANGOTE SUGAR (-0.26%), ZENITH (-0.41%), STANBIC (-1.33%).
  • Oil prices fell on Wednesday, ending a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation. Brent crude dropped 0.9%, to $76.75 a barrel. U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels.
  • The Naira strengthened at 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 0.68% at the Parallel market, which closed at N745.
  • Natural gas price edged lower on Wednesday as it declined by 3.4% yesterday after touching a fresh one-week high the previous session. The price action suggests an overnight shift in the weather forecasts or increased production, low gas demand combined with pipeline maintenance could be behind the move.

ThinkBusiness Africa

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