26th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI65,991.021.11%28.76%
Brent Crude Oil   83.601.04%-2.69%  
Natural Gas2.721.04%-33.66%
I&E FX Window 791.420.13%-76.54%
Parallel Market  871.75-0.58%-17.70%
Nigerian Treasury Bill (Average Yield %)4.05%-0.02%-33.93%
FGN Bonds (Average Yield %)12.89%-0.06%9.05%
Gold  1,962.850.43%8.19%
Cocoa 3,470.001.55%33.16%
  • Equity market sustained the positive gains started Monday, with NGX ASI up by 1.11%, increasing by 722.74 points to close at 65,991.02, representing a week gain of 3.49%, a 4-week gain of 11.46%, and an overall year-to-date gain of 28.76%.   Key share price movement include Ikeja Hotels (10%), FTN Cocoa Processors (10%), Seplat Petroleum Development Co. (9.99%) and Skyway Aviation Handling Co. (9.83%).
  • Oil prices rose again Tuesday on optimistic forecasts published by the International Monetary Fund (IMF), raising its 2023 global growth estimates by 0.2 to 3%. WTI traded at US $79.70 up $0.96 (1.22%) on the day while Brent crude rose above $83, up $0.86 (+1.04%).
  • At  the I & E window, Naira remained largely flat, appreciating by 0.13% and closed at N791.42 against the US $. On the streets, Naira saw a modest depreciation of 0.58%, reaching a value of N871.75 against the US dollar. The gap is between the two rates are widening.
  • US natural gas futures traded around $2.7/MMBtu on Tuesday, following a 6.9% gain in the previous week driven by expectations of heightened demand for air conditioning amid hotter-than-usual weather forecasts until at least August 4.

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