28th July 2023 Africa Markets Roundup

President Bola Ahmed Tinubu


  % ChangeYTD (%)  
NGX ASI65,482.91-0.31%27.77%
Brent Crude Oil   84.141.47%-2.06%  
Natural Gas2.5-6.23%-35.37%
I & E FX Window 768.60-3.79%-71.42%
Parallel Market  855.00-0.12%-15.54%
Nigerian Treasury Bill (Average Yield %)4.04%-0.02%-33.93%
FGN Bonds (Average Yield %)13.13%0.23%11.08%
Gold  1,947.26-1.27%7.33%
Cocoa 3,539.00-0.37%35.81%
  • NGX ASI (Nigerian Exchange All-Share Index) down 0.31% on Thursday, shedding 204.25 points to close at 65,482.91, representing a 1-week gain of 2.43%, a 4-week gain of 8.94%, and an overall year-to-date gain of 27.77%. Japaul Gold and Ventures declined 9.91%, followed by Cadbury Nigeria (-9.8%), FTN Cocoa Processors (-9.4%) and Neimeth International Pharma (-9.34%).
  • Corporate results –
  • Airtel Africa Plc on Thursday reported in its Q2 report that it lost US $151m due to the harmonisation of the foreign exchange rates in Nigeria.
  • FBN Holdings Plc, one of Nigeria’s largest banks released its Q2 2023 results showing pre-tax profits rose five folds to N150.1 billion (N29.2 billion Q2 2022), raising H1 2023 profits by 213% to N206.2 billion compared to N65.7 billion same period last year.
  • Unilever Nigeria Plc Q2 2023 unaudited results shows pre-tax profits fell 72.95% to N169.9 million.   The company reported an operating loss of N3.2 billion in the quarter under review as costs escalated beyond revenues.
  • Ecobank Group Q2 2023 results shows a 63% increase in pre-tax profits to N92.52 billion.  The increase in second-quarter profits helped its half-year profit before tax to rise by 38% to N150.31 billion compared to N108.96 billion same period last year.
  • Oil prices rebounded Thursday after dipping on Wednesday. Brent crude traded above US $84 per barrel and West Texas Intermediate was changing hands at close to US $80 per barrel.
  • Naira was down both at the I & E window and street markets. At  the I & E window, Naira depreciated by 3.79%, closing at N768.60 against the US dollar while slid slighty by 0.12%, down to N855 against the US dollar on the streets.
  • Natural gas futures fell about 3% to a one-week low on forecasts for less demand and less hot weather over the next two weeks.

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