5th May 2023 Africa Markets Roundup

Markets

• Wednesday’s trading session’s loss was reversed as the ASI rose by 0.16% to end at 52,290.75, showing a 1-week gain of 0.37%, a 4-week loss of 3.9%, and a year-to-date gain of 2.03%. This was attributable to growth in Ardova (8.47%), GTCO (3%), MTNN (0.2%), WAPCO (0.42%), and NGXGROUP (1.38%).
• The Nigerian Exchange Group has said that the last general election and the Naira redesign policy of the Central Bank of Nigeria impacted its top-line revenue negatively, resulting in a 20.5 per cent decline to ₦1.33bn in the first quarter of 2023 compared to Q1 2022 revenue which was ₦1.67bn.
• Lasaco Assurance Plc’s gross premium income rose from N10.96bn in 2020 to N13.91bn in 2022. The company continues to demonstrate a trend of steady growth over the past three years. This positive development is reflected in the company’s gross premium income, which surged from N10.96bn in 2020 to N13.91bn in 2022, signifying an increased ability to attract a larger customer base and generate more revenue.
• Brent crude oil prices improved on Thursday, gained 1.47% to $73.39 after the European Central Bank (ECB) decided on Thursday to slow interest rate hikes, but were unable to claw back much of this week’s more than 9% decline as demand concerns in major consuming countries weighed.
• The Naira appreciated marginally by 0.68% at the parallel market to close at N732/$ but declined by 0.02% at the I & E window, closing at N462/$.
• Natural gas fell -4.2% to $2.11 yesterday as drillers continue to extract record supplies of gas from the ground, while seasonally warmer weather reduces heating demand and the quantity of gas flowing to liquefied natural gas (LNG) export facilities drops as units close for spring maintenance.