2nd June 2023 Africa Market Roundup

TGIF. This weekend gives us all time to rest, reflect, and reenergise. The journey to Nigeria’s greatness may seem far, but it can be hastened by faster and great politics and policy decisions. So, today, I thought to share with you a summary of my thoughts on the book written about the reforms that started in India 1991 – Why Growth Matters.


  % ChangeYTD (%)  
NGX ASI 55,808.250.07%8.89%
Brent Crude Oil   72.46-0.19%-15.66%  
Natural Gas2.17-4.28%-47.07%
I&E FX Window 464.67-0.04%-3.71%
Parallel Market  757.50-0.60%-2.36%
Nigerian Treasury Bill (Average Yield %)5.83% -1.01%-4.89%
FGN Bonds (Average Yield %)14.26   -0.01%20.26%
Gold  1,973.820.60%8.80%
Cocoa 3,008.000.10%15.43%
  •  Nigerian equities continued the positive sentiment as it increased by 0.06% on Wednesday. Benchmark NGX All-Share Index (ASI) inched up 38.97 (0.07%) points to close at 55,808.25, representing a 1-week gain of 5.44%, a 4-week gain of 6.9%, and an overall year-to-date gain of 8.89%. The increase was attributed to the significant rise in CONOIL (9.92%) and ETERNA (9.74%),
  • Oil prices slid slightly Thursday in reaction to a mixed set of news – debt ceiling raise, unexpected build in US crude and fuel inventories, and the OPEC+ meeting of Ministers this weekend.
  • On the Naira, there is uncertainty about the rates at the I & E window. At parallel market, Naira lost 0.6% of its value to close at N757.5/$.
  • U.S. natural gas prices are lower on Thursday, shortly before the release of the latest weekly government storage report. Natural Gas is trading $2.17, down 4.28%. The decline in prices can be attributed to various factors, including record U.S. output, a decrease in gas flows to LNG export plants due to maintenance, and an increase in exports from Canada following production disruptions caused by wildfires earlier in the month.

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