3rd May 2023 Africa Markets Roundup


  % ChangeYTD (%)
NGX ASI 52,296.48-0.2%2.04%
Brent Crude Oil   75.24-5.13%-12.52%
Natural Gas2.22-4.14%-46.34%
I&E FX Window 462.33-0.07%-3.19%
Parallel Market  733.000.36%0.95%
Gold  1982.351.73%11.15%
Cocoa 3,130.00-2.19%20.12%
  • The benchmark NGX All-Share Index (ASI) lost 107.03 (-0.2%) points to end the day at 52,296.48, a 1-week gain of 1.83%, a 4-week loss of 1.56%, but an overall year-to-date gain of 2.04%. Although the oil and gas index increased by 1.05% and the banking index increased by 2.84%, the industrial goods index fell by 0.2%, due to sell pressures in Wapco (-1.66 per cent) which weighed down the market.
  • Wema Bank Plc earned N39.35 billion in gross profits in Q1 2023, 35% over the N29.14 billion reported in the same period last year. Interest income increased by 32% y/y to reach N33.63 billion, up from N25.53 billion in Q1 2022. Non-interest income increased by 1.96 percent year on year to N5.72 billion, up from N5.61 billion in Q1 2022.The bank declared a profit before tax (PBT) of N6.21 billion, an increase of 88.18 percent y/y from the N3.30 billion reported in Q1 2022.
  • Crude oil prices fell 5.13% to settle at US$75.24 yesterday, owing to a surprising fall in industrial activity in China, as well as the prospect of another rate hike from the US Fed, raising concerns about oil demand. Natural Gas price also declined by 4.14% on Tuesday on rising output and a decline in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants in recent days.

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