Markets
| % Change | YTD (%) | ||
| NGX ASI | 65,309.65 | -0.04% | 27.48% |
| Brent Crude Oil | 85.93 | 0.64% | -0.20% |
| Natural Gas | 2.78 | 1.98% | -32.20% |
| I&E FX Window | 757.51 | 2.19% | -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.
