9th June 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI55,956.59-0.12%9.18%
Brent Crude Oil   74.53-3.14%-13.25%  
Natural Gas2.28-1.98%-44.39%
I&E FX Window 469.50-0.58%-4.79%
Parallel Market  760.560.15%-2.78%
Nigerian Treasury Bill (Average Yield %)6.15% -0.01%0.33%
FGN Bonds (Average Yield %)14.110.01%15.40%
Gold  1,966.251.37%8.38%
Cocoa 3,159.001.84%21.23%
  • The benchmark NGX All-Share Index (ASI) pared 67.93 (-0.12%) points to close at 55,956.59, a 1-week gain of 0.27%, a 4-week gain of 7.18%, and an overall year-to-date gain of 9.18%. The downward trend was because of sell off in DANGCEM (-1.38%), STANBIC (-3.02%) and GLAXOSMITH (-5.30%).
  • Oil prices fell US $3 a barrel on Thursday as demand weakness and report that the U.S. and Iran may be approaching a deal on oil exports outweighed expectations of tighter Saudi supply and a potential pause to U.S. interest rate hikes.  Brent crude was down $2.15, or 3.14%, at $$74.53 a barrel having earlier dropped as much as $3. U.S. West Texas Intermediate crude fell by $2.40, or 3.3%, to $70.12. Meanwhile, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO) released this week that Oil prices will not average more than $80 per barrel in the second half of this year.
  • Naira depreciated by 0.58 % closed at N469.5 / US $ I & E window on Thursday but at the street market, Naira appreciated slightly by 0.15% closed at N760.56 / US $.
  • US natural gas futures fell by almost 2% to $2.28/MMBtu on Thursday, ending a four-day winning streak after EIA reported a slightly bigger-than-expected storage build last week. 

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