9th May 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI 52,579.520.22%2.59%
Brent Crude Oil   76.683.86%-10.74%  
Natural Gas2.202.71%-46.34%
I&E FX Window 462.78-0.02%-3.29%
Parallel Market  742.00-1.37%-0.27%
Gold  2,024.480.38%11.59%
Cocoa 3,178.002.22%21.96%
  • The benchmark NGX All-Share Index (ASI) inched up 114.21 (0.22%) points to close at 52,579.52, representing a 1-week gain of 0.34%, a 4-week loss of 2.96%, but an overall year-to-date gain of 2.59%. Banking Index increased by 0.62%, while consumer good index improved by 0.56%.
  • Oil rose almost 4% on Monday as U.S. recession fears eased, with the expectation that trading this week will end three straight weekly declines for the first time since November. Brent crude was up 3.86%, at $76.68 a barrel. Oil’s rebound follows energy stocks’ comeback on Wall Street last Friday after the U.S. reported strong job data, easing concerns about an imminent economic recession.
  • The Naira depreciated marginally by 0.02% at the I & E window as the rate closed N462.78/$ and at the parallel market closed at N742/$, indicating at 1.37% depreciation
  • U.S. natural gas futures gained about 3% to a one-week high on Monday on small declines in daily output despite forecasts for milder weather and less demand over the next two weeks than previously expected.

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