9th   August 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI65,309.65-0.04%27.48%
Brent Crude Oil   85.930.64%-0.20%  
Natural Gas2.781.98%-32.20%
I&E FX Window 757.512.19%-68.97%
Parallel Market  895.00-0.85%-20.95%
Nigerian Treasury Bill (Average Yield %)6.59%0.00%7.50%
FGN Bonds (Average Yield %)13.43%0.00%13.62%
Gold  1,926.34-0.53%6.18%
Cocoa 3,336.00-4.00%28.02%
  • The NGX All-Share Index (ASI) pared 27.15 (-0.04%) points to close at 65,309.65, representing a week gain of 1.74%, a 4-week loss of 0.55%, but an overall year-to-date gain of 27.43%. Secure Electronic Technology share price declined 10%, Northern flour mills by 9.89%, John Holt by 9.52% and Tantalizers by 8.33%.

Corporate Result – Indigenous energy company, Seplat Energy Plc, grew its gas revenue by 10.21%to US $63.7m H1 2023 compared to US $57.8m recorded in the same period in 2022, on the back of higher prices of 4.4% and volumes of 1.4%.

  • Brent crude futures reversed course and rose above US $85 per barrel on Tuesday, hovering around four-month highs, after a monthly report from the U.S. Energy Information Administration projected a rosier outlook for the US economy. The EIA has also reversed its forecast of a supply deficit in the global oil markets for 2023 and now expects a sharper increase in non-OPEC OECD output than earlier, with US output expected to rise by 850,000 barrels per day to 12.76 million bpd in 2023.
  • The forex supply shoratge continues. At the I&E window, Naira appreciated by 2.19%, closing at N757.51 against the US dollar. However, on the streets, the Naira down by 0.85%, reaching N895 against the US dollar, and crossed the N900 mark in some cases.
  • US natural gas futures rose to over $2.75/MMBtu, the highest in nearly two weeks, driven by expectations of increased demand for air conditioning. Meteorologists forecast that hotter-than-usual weather will persist until at least August 19.

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