Below is the Ventures Africa Weekly Economic Index, for the week ending 9th of November, 2018. 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 9th November 2018, showed that the All-Share Index appreciated by 0.23 percent from the previous week ending 2nd November 2018. Market capitalization at the close of trading during the week under review was N11.756 trillion, a 0.23 percent increase from N11.728 trillion recorded the previous week. The All Share-Index for the week under review closed at 32,200.21.
Top five price gainers and decliners in the week under review:
Top five price gainers
NPF Microfinance bank
Nigerian aviation handling company Plc.
John Holt Plc.
Top five price decliners
Mutual Benefits Assurance Plc.
Flour Mills Nig. Plc.
Lafarge Africa Plc.
Cement Co. of North.Nig. Plc.
How did the Naira fare?
The Naira appreciated from 363.75 Naira recorded two weeks ago to N362.90 to a dollar last week.
How did the price of oil fare?
Oil prices last week crashed to its lowest in seven months after US energy increased its stockpile. Brent oil prices crashed to below $70, finishing the week at around $69.6 per barrel. However, Saudi Arabia announced today that it would cut its supply of oil, in the face of oversupply. That announcement has pushed oil prices up to $71.26 per barrel. “We need to do whatever it takes to balance the oil market,” Saudi Arabian Energy Minister Khalid al-Falih said after he announced the cut.