5th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI60,715.04-1.99%18.47%
Brent Crude Oil   76.071.90%-11.45%  
Natural Gas2.751.62%-32.93%
I&E FX Window 768.44-3.63%-71.51%
Parallel Market  765.670.95%-3.47%
Nigerian Treasury Bill (Average Yield %)6.20%-0.01%1.14%
FGN Bonds (Average Yield %)13.07-0.09%10.58%
Gold  1,928.100.35%6.28%
Cocoa 3,306.00-0.54%26.87%
  • The NGX ASI declined by 1,234.2 (1.99%) points to close at 60,715.04, showing a 1-week gain of 2.55%, a 4-week gain of 8.79%, and an overall year-to-date gain of 18.47%, following sell off in PZ (-10%), Wema (-10%), BUACEMENT (–9.9%).
  • Saudi Arabia announced it will extend its voluntary oil production cuts into August. Crude oil prices rose slightly in response. Both West Texas Intermediate (WTI) and Brent crude experienced marginal gains, as WTI surpassed the US $70 mark and Brent approached US $75, both benchmarks increased by more than 1%.
  • Naira had mixed performance in the market yesterday. At the I & E window, there was a significant depreciation of 3.63%, resulting in a closing rate of N768.44 against the US dollar. Conversely, in the street market, the Naira experienced a slight strengthening of 0.95%, reaching N765.67 against the US dollar.
  • On Tuesday, U.S. natural gas futures increased by 1.62% closed at US$2.75 supported by a smaller-than-expected stock build, rising demand, and decreased supply.

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