Photograph — Ventures Africa

The Nigerian Stock Exchange (NSE) last week entered an agreement with a major player in sustainable financing, the Luxembourg Stock Exchange (LuxSE). The deal will see them work together in promoting cross-listing and trading of green bonds across the African and European nations.

Similar to traditional bonds, green bonds have an additional social and sustainable feature of allowing the funding of climate change projects with positive social spin-offs. “This collaboration reinforces NSE’s drive to foster the growth of sustainable finance in Nigeria,” said Oscar N. Onyema, CEO of NSE. More details here.

Meanwhile, the Federal Government on Monday listed its N15 billion green bond on the daily official list of the NSE. The seven-year bond, reportedly issued at a coupon rate of 14.50 percent on June 13, 2019, would mature on June 13, 2026. The Series II Green Bond was issued to finance renewable energy, afforestation, and transportation projects. More details here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 11th of October 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

Nigerian Stock Exchange

Data released by the Nigerian Stock Exchange (NSE), as of October 11, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 1.68 percent to close the week at 26,533.78 and N12.917 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Banking and NSE AFR Div Yield Indices while the NSE ASeM index closed flat.

Top five price gainers and decliners in the week under review:

Top five price gainers

Associated Bus Company Plc.

Africa Prudential Plc.

Nascon Allied Industries Plc.

Learn Africa Plc.

Livestock Feeds Plc.

Top five price decliners

Guinness Nig Plc.

PZ Cussons Nigeria Plc. 

Champion Brew. Plc.

NCR (Nigeria) Plc.

Niger Insurance Plc.

How did the Naira fare?

Nigeria's-Inflation-rate
Picture credit:  PIUS UTOMI EKPEI/AFP/Getty Images

The Naira appreciated against the dollar at the close of last week. The exchange rate rose to 362 Naira per dollar on the 11th of October 2019, slightly higher than 363 recorded a week before.

How did the price of oil fare?

Brent oil prices closed out the week on the 11th of October 2019 at $61.48 per barrel, an increase from the $60.02 recorded a week earlier. Oil prices rose on Friday after explosions hit one of Iran’s oil tankers off the Saudi port city of Jeddah in the Red Sea. Suspected to be retaliation by Saudi Arabia, the attack is the second of such on major global oil producers after the September bombings of Saudi Aramco facilities.

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