2nd August 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI64,192.20-0.23%25.25%
Brent Crude Oil   84.91-0.55%-1.12%  
Natural Gas2.57-2.58%-37.32%
I&E FX Window 789.08-1.74%-76.11%
Parallel Market  867.50-0.29%-17.23%
Nigerian Treasury Bill (Average Yield %)6.69%0.02%9.14%
FGN Bonds (Average Yield %)13.26%0.03%12.18%
Gold  1,943.98-1.01%7.15%
Cocoa 3,524.000.56%36.54%
  • The benchmark NGX All-Share Index (ASI) declined 718.87 (-1.1%) points to close at 64,337.52, representing a week loss of 1.43%, a 4-week gain of 3.86%, and an overall year-to-date gain of 25.53%. Key share price movement include Dangote Sugar Refinery

(-10%), Ecobank Transnational (-10%), Livestock Feeds (-10%) and NPF Microfinance Bank (-10%).

Corporate Results – Notore has recorded revenue of N7.92 billion Q2 2023, following a very challenging period for the company with disruption to its gas supply. Lasaco Assurance Plc has said it will pay 15 kobo dividends on every share, translating to a total value of N183m for the financial year ended 31st December 2022. BUA Cement reported a 17.2% y/y revenue growth to N221.07 billion in H1 2023 from N188.56bn in the prior period (H1 2022).

  • Oil prices edged lower on Tuesday. Brent crude futures for October settled at US $84.91 a barrel on Tuesday, down 52 cents or 0.6%. Front-month Brent settled on Monday at its highest since April 13. U.S. West Texas Intermediate crude futures closed at US $81.37 a barrel, down 43 cents, or 0.5%, from the previous session’s settlement, which was its highest since April 14.
  • Naira was down at the official and street markets. At the I&E window, the Naira depreciated by 1.74%, resulting in a closing rate of N789.08 against the US dollar. Simultaneously, in the street market, the Naira slid slighty by 1.75%, down to N867.50 against the US dollar.
  • U.S. natural gas futures fell around 3% on Tuesday on forecasts for less demand over the next two weeks than previously expected.   

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