7th July 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI62,019.880.81%21.01%
Brent Crude Oil   75.340.6%-12.30%  
Natural Gas2.61-1.73%-36.34%
I&E FX Window 762.63-2.88%-70.21%
Parallel Market  780.50-0.62%-5.47%
Nigerian Treasury Bill (Average Yield %)6.08%-0.10%-0.82%
FGN Bonds (Average Yield %)13.320.15%12.69%
Gold  1,905.37-0.60%5.03%
Cocoa 3,334.000.85%27.95%
  • Yesterday, NGX All-Share Index (ASI) increased by 496.31 (0.83%) points to close at 62,019.88, showing a week gain of 2.55%, a 4-week gain of 8.79%, and an overall year-to-date gain of 21.01%. Key share price movement include that of CONOIL (+10%), MRS (+10%), ETERNA (+10%), UBN (+10%), LEARNAFRICA (+10%) and NASCON (+9.95%).
  • Oil prices edged lower on Thursday as the market digested the higher likelihood of a U.S. rate hike accelerating fears of global economic slowdown against tighter crude supply. Brent crude futures were down US $1.31 to $75.34 a barrel after a 0.5% gain the previous day. U.S. West Texas Intermediate crude was 57 cents down to US $71.22 after rising 2.9% in post-holiday trade on Wednesday.
  • Naira was down in both market. At the I & E window, it depreciated by 2.88%, resulting in a closing rate of N762.63 against the US dollar. On the streets, Naira experienced a slight depreciation of 0.62%, reaching N780.50 against the US dollar.
  • Natural gas futures in the United States experienced a further decline of 1.73%, closing at US $2.61. This decline was primarily influenced by increased supply within the US market, which was driven by the resumption of operations at the Freeport LNG export facility.

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