4th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI61,949.241.61%20.87%
Brent Crude Oil   74.86-0.73%-12.86%  
Natural Gas2.70-3.68%-34.15%
I&E FX Window 741.53.61%-65.49%
Parallel Market  773.000.04%-4.46%
Nigerian Treasury Bill (Average Yield %)6.21%0.00%1.46%
FGN Bonds (Average Yield %)13.16-0.01%11.34%
Gold  1,921.660.60%5.92%
Cocoa 3,306.00-0.54%26.87%
  • Not satisfied with breaking the 60,000-barrier last week, first time since 2008 the All-Share Index (NGX-ASI) recorded an increase of 1.61%, closing at 61,949.24 points, showing a week gain of 4.62%, a four-week gain of 11.08%, and an overall year-to-date gain of 20.87%. Top gainers include Eterna (10%), NGN 23.10 per share, Fidelity Bank (+10%), University Press (+10%), and Meyer (+10%).
  • On Monday, oil prices experienced a 1% decline due to concerns regarding the global economy’s slowdown and potential interest rate hikes in the United States. These worries outweighed the positive impact of supply cuts announced for August by leading oil exporters, namely Saudi Arabia and Russia. Brent crude futures settled down by 1%, representing a decrease of 76 cents, with a closing price of US $74.86 per barrel. Similarly, U.S. West Texas Intermediate crude settled down by 1.2%, or 85 cents, closing at US $69.79.
  • The Naira experienced appreciation in both the I & E and the street market. At the I & E window, the Naira appreciated significantly by 3.61% and closed at N741.5. Similarly, on the streets, the Naira appreciated by a marginal 0.04%, reaching N773.00
  • On Monday, U.S. natural gas futures experienced a decline of over 3% due to forecasts indicating slightly lower temperatures in the upcoming week. The front-month gas futures for August delivery on the New York Mercantile Exchange fell by 9.2 cents, representing a decrease of 3.4%, and settled at US $2.704 per million British thermal units (mmBtu).

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