Oil prices fell to around $60 today as figures from China showed that there was a reduction in imports and exports in the country in 2018. For the first time in two years, China’s exports as of December 2018 dipped, while its imports also shrank. This indicates that China’s economic slowdown since the middle of 2018 is set to continue this year. Though oil demand from China hasn’t weakened, there has been a drop in freight rates from West Africa to China, with China replacing West African oil with increased demand for Angola. West African crude, especially Nigeria’s has, however, been boosted by demand from Europe.
Below is the Ventures Africa Weekly Economic Index, for the week ending 11th of January, 2019. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of 11th January 2019, showed that the All-Share Index depreciated by 2.64 percent from the previous week ending 4th January 2018. Market capitalization at the close of trading during the week under review was N11.124 trillion, a 2.64 percent decrease from N11.426 trillion recorded the previous week. The All Share-Index for the week under review closed at 29,830.70
Top five price gainers and decliners in the week under review:
Top five price gainers
Julius Berger Nig. Plc.
Diamond Bank Plc.
Transnational Corporation of Nigeria Plc.
WAPIC Insurance Plc.
Cornerstone Insurance Plc.
Top five price decliners
NEM Insurance Plc.
Resort Savings and Loans Plc.
Unity Bank Plc.
Custodian Investment Plc.
Flour Mills Nig. Plc.
How did the Naira fare?
The Naira depreciated slightly against the dollar last week, sitting at N364 to a dollar on the 11th of January 2019, a Naira more than the N363 recorded a week before.
How did the price of oil fare?
Brent oil prices rose for the second week running, closed the week at $60.53 per barrel, a 6 percent rise from the week before. The rise in oil prices has been attributed to a plunge in shale oil production in the fourth quarter of last year, and an imminent meeting between officials of Washington and officials of Beijing over the trade war between both giants.