8 May 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI 52,465.310.33%2.37%
Brent Crude Oil   75.33.86%-11.73%  
Natural Gas2.141.71%-47.80%
I&E FX Window 462.250.08%-3.16%
Parallel Market  732.000.68%1.08%
Gold  2,016.28-1.70%11.14%
Cocoa 3,109.001.87%19.31%
  • The Nigerian stock market ended last week on a flat note. Benchmark NGX ASI climbed 174.56 (0.33%) points to close at 52,465.31, a 1-week gain of 0.44%, a 4-week loss of 3.26%, but an overall year-to-date gain of 2.37%. Key share price movement include Seplat (5.35%), Oando (1.82%), Access Corp (5.14%), GTCO (0.21%), FBNH (0.91%), Zenith (0.21%), and UBA (0.64%).
  • Last week was on track to go down as one of the worst for oil prices in recent months, with both Brent and WTI shaving off some 10% week-on-week before a slight recovery on Friday as Brent Crude increased by 3.86%. Oil price movement has been driven by renewed fears of a US banking crisis contagion and lukewarm industrial figures from China. Hijacked tankers in the Strait of Hormuz, falling US inventories, and the lack of a deal to unlock Kurdish oil exports all failed to offset the macroeconomic doom and gloom.
  • The Naira appreciated marginally by 0.08% at the I & E window as the rate closed N462.25/$ and at the parallel market closed at N732/$, indicating at 0.68% appreciation.
  • Natural gas futures found their footing on Friday, ending a four-day losing streak that was fueled by a litany of bearish fundamentals. The Natural gas future increased by 1.71% and settled at US$2.14

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