12th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI65,669.291.65%28.13%
Brent Crude Oil 79.181.98%-7.83%  
Natural Gas2.722.06%-34.32%
I&E FX Window 788.42-5.96%-71.95%
Parallel Market   795.67-1.74%-7.22%
Nigerian Treasury Bill (Average Yield %)6.11%-0.01%-0.80%
FGN Bonds (Average Yield %)13.20%-0.07%12.11%
Gold  1,932.020.36%6.35%
Cocoa 3,296.00-0.09%26.89%
  • The NGX ASI rose by 2.48% Tuesday, closing 65,669.29, representing a week gain of 8.16%, a 4-week gain of 17.36%, and an overall year-to-date gain of 28.13%. Key share price movement include Transcorp Hotels (10%) FTN Cocoa Processors (+10%), Chellarams (+10%) and Omatek Ventures (+10%).
  • 7 companies suspended from the Exchange – Meanwhile, seven companies have been suspended from trading their shares on the exchange. These are Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C & I Leasing Plc, Presco Plc, and Ardova Plc. They have been suspended for failing to file their audited financial statements for the year end 2022. The regulations required it is done withing 90 days or three months after the expiration of the period. Two months ago, the Exchange sanctioned 18 companies in related matters.
  • Oil prices jumped about 2% to a 10-week high on Tuesday, boosted by relatively weak US dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose US $1.51, or 1.9%, to US $79.18 a barrel, U.S. West Texas Intermediate (WTI) crude rose $1.61, or 2.2%, to $74.60.
  • Naira at the I & E window and the Street markets depreciated against the US dollar. In the I & E window, Naira lost  5.96%, closing at a rate of N788.42 against the US dollar, and by 1.74% on the street market, reaching N795.67 against the US dollar.
  • US natural gas futures rose to above US $2.7/MMBtu due to expectations of higher cooling demand driven by hot weather. Meteorologists are predicting temperatures above normal until July 25, which will drive up the usage of natural gas for cooling purposes in homes and buildings.

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