16th May 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI 52,231.290.03%1.91%
Brent Crude Oil   75.461.74%-12.16%  
Natural Gas2.353.47%-42.68%
I&E FX Window 462.330.24%-3.19%
Parallel Market  742.00-0.61%-0.27%
Nigerian Treasury Bill (Average Yield %)6.70%-0.44%9.03%
FGN Bonds (Average Yield %)14.31-0.01%21.07%
Gold  2,018.271.83%11.27%
Cocoa 3,268.000.80%25.41%
  • The benchmark NGX All-Share Index (ASI) inched up 16.67 (0.03%) points to close at 52,231.29, representing a 1-week loss of 0.66%, a 4-week gain of 0.53%, and an overall year-to-date gain of 1.91%. The market is expected to remain stable this week as investors await the Monetary Policy Committee’s decision on the policy rate next Tuesday.
  • Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Brent crude futures were up US $1.21 or 1.74% to US $75.46 a barrel while U.S. West Texas Intermediate crude was at $70.41 a barrel, up 37 cents or 0.5%.
  • Despite new weather reports predicting low national demand, natural gas prices traded higher on Monday. This upward movement is a continuation of the bullish trend that began on Friday, resulting in a 5% rally. Natural Gas future increased by 3.47% yesterday to settle at US $2.35. The catalyst for this surge was a report indicating that the number of oil and natural gas rigs in the United States declined to its lowest level in nearly a year, while Gas rigs experienced their largest weekly drop since February 2016, according to energy services firm Baker Hughes Co.

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