According to the Nigerian Guardian, investors lost more than N3 trillion in the Nigerian stock exchange over the past 9 months. The loss has been attributed to ‘political intrigues’ ahead of the 2019 elections billed to begin next month.
Between May 2018, and January 2019, ward congresses of the ruling party, All Progressives Congress and the uncertainty surrounding the alleged illegal suspension of Chief Justice of Nigeria (CJN), Walter Onnoghen were some of the reasons why the performance of the Nigerian stock market sank.
Below is the Ventures Africa Weekly Economic Index, for the week ending 1st of February 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 1st February 2019, showed that the All-Share Index depreciated by 2.51 percent from the previous week ending 25th January 2019. Market capitalization at the close of trading during the week under review was N11.424 trillion, a 2.51 percent decrease from N11.719 trillion recorded the previous week. The All Share-Index for the week under review closed at N30,636.36.
Top five price gainers and decliners in the week under review:
Top five price gainers
Associated Bus Company Plc.
Mutual Benefits Assurance Plc.
Beta Glass Plc.
Sterling Bank Plc.
UACN Property Development Company Plc
Top five price decliners
Consolidated Hallmark Insurance Plc.
Niger Insurance Plc.
Dangote Flour Mills
Ikeja Hotel Plc.a
Academy Press Plc.
How did the Naira fare?
The Naira retained its value against the dollar and was pegged at N362 against the dollar on the 1st of February 2019, same as 362NGN recorded the week before.
How did the price of oil fare
Brent oil prices finished the week at $62.30 per barrel on the 1st of February 2019, representing an increase from $61 recorded a week earlier. Oil prices are presently almost $64 today, with this climb attributed to the rise in oil prices caused by oil supply cuts made by the Organization of Petroleum Exporting Countries (OPEC), and the imposition of sanctions on Venezuela.