Market Roundup 28th September 2023


  % ChangeYTD (%)  
NGX ASI66,652.17-0.34%30.05%
EGX 3020,174.28-0.89%23.76%
Brent Crude Oil   96.652.86%12.5%  
Natural Gas2.774.33%-32.44%
I&E FX Window  755.082.28%-68.64%
Parallel Market  980.00-5.38%-32.43%
Nigerian Treasury Bill (Average Yield %)7.83%0.18%27.73%
FGN Bonds (Average Yield %)14.65%0.5%23.94%
Gold  1,875.85-0.5%3.44%
Cocoa 3,441.00-1.69%32.05%
  • Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies. Brent crude futures closed up US $2.69, or 2.86%, at US $96.65. It breached $97 a barrel during the session. U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
  • US natural gas futures traded around US $2.8/MMBtu in the last week of September, driven by strong demand and slightly reduced production estimates, even as the market entered the shoulder period characterized by lower power demand. Gas production in the US eased to 102.11 bcfd in September, down from the August record of 102.3 bcfd.

ThinkBusiness Africa

Your daily dose of contexts, commentary, and insights on business and economic developments that matter to you.