25th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI65,268.280.41%27.35%
Brent Crude Oil   82.930.23%-3.47%  
Natural Gas2.731.60%-33.41%
I&E FX Window 792.04-1.83%-76.77%
Parallel Market  866.75-9.72%-17.13%
Nigerian Treasury Bill (Average Yield %)4.05%-0.02%-33.93%
FGN Bonds (Average Yield %)12.89%-0.06%9.05%
Gold  1,961.980.38%8.15%
Cocoa 3,417.000.06%31.13%
  • On Monday, NGX ASI went up by 0.41%, gaining 264.89 points to reach a closing value of 65,268.28, a week gain of 3.69%, four-week gain of 10.23%, and an impressive year-to-date gain of 27.35%. Among the top gainers, National Salt Company (10%), Glaxo Smithkline Consumer (10%), FTN Cocoa Processors (10%), and Lasaco Assurance (10%).
  • Oil prices climbed 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. Brent futures rose US $1.67, or 2.1%, to settle at US $82.74 a barrel, while U.S. West Texas Intermediate (WTI) crude rose US $1.67, or 2.1%, to settle at US $78.74. Those were the highest closes for Brent since April 19 and for WTI since April 24, as both contracts were pushed into technically overbought territory above their 200-day moving averages.
  • Naira’s decline and volatility contiinues.  At the I & E window, the Naira depreciated by 1.83%, closing at N792.04 against the US dollar. Simultaneously, in the street market, the Naira depreciated by 9.72%, reaching a value of N866.75 against the US dollar.
  • On Monday, U.S. natural gas futures maintained stability in the market despite certain factors that impacted the supply and demand dynamics. The rise in gas output and forecasts indicating lower demand for the following week countered the projections for higher demand during the current week. The weather outlook indicated persistently hotter than normal conditions until early August, particularly in Texas.

ThinkBusiness Africa

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