Nigeria’s government disclosed plans to review the 2020 budget for necessary adjustments to revenue forecasts and sources, as oil revenue comes under pressure due to a dent on demand caused by the new coronavirus.
Brent crude – the international oil benchmark, has been on a downward trend since the virus broke out in China, collapsing by a third this year. The oil price reached almost $69 per barrel in January, before the virus outbreak that has now spread to over 91 countries with 100,000 cases. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 6th of March 2020. 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 March 6th, 2020, showed that the NSE All-Share Index and Market Capitalization appreciated by 0.24% and 0.27% to close the week at 26,279.61 and N13.695 trillion respectively. All other indices finished higher with the exception of NSE Main Board, NSE Pension, NSE AFR Div Yield, NSE MERI Growth, NSE Consumer Goods, NSE Lotus, and NSE Industrial Goods indices which depreciated by 1.34%, 0.91%, 0.91%, 2.36%, 5.87%, 2.28%, and 4.27% while NSE ASeM Index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
UACN Property Development Company Plc.
Skyway Aviation Handling Company Plc.
UACN Plc.
Law Union and Rocks Ins. Plc.
FBN Holdings Plc.
Top five price decliners
Unilever Nigeria Plc.
Lafarge Africa Plc.
Nestle Nigeria Plc.
Ardova Plc.
CAP Plc.
How did the Naira fare?
The Nigerian currency slid against the dollar at the close of last week, trading at 368 Naira per dollar on the 6th of March 2020, a notable decrease from the N361 per dollar recorded a week before.
How did the price of oil fare?
Brent oil prices fell at the close of last week, seeing out the week on the 6th of March, 2020 at $48.41 per barrel, a notable decrease from $50.14 a week earlier.
