Photograph — Naija247News

The Nigerian Stock Exchange (NSE) last week announced a collaboration with American investment banking giant, JP Morgan Chase in a bid to facilitate in-depth capacity building program on the derivatives market. A team from the U.S. financial institution visited the NSE and were honoured with a Closing Gong ceremony. The group was led by Leenart Sjoerd, the company’s Global Head of Corporate Bank & Head, CEEMEA Region.

According to the NSE, the introduction of derivatives will deepen the Nigerian market, enhance liquidity and help mitigate price, duration and other financial risks that may arise from sophisticated financial transactional activities. Read more here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 23rd of August, 2019. This economic index gives you a glimpse into 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 23rd August 2019 showed that the NSE All-Share Index appreciated by 3.07 percent to close the week at 27,800.17, while Market Capitalization rose 3.25 percent, closing at N13.524 trillion. Similarly, all other indices finished higher with the exception of the NSE Insurance Index which depreciated by 1.38 percent while the NSE ASeM index closed flat. 

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

Top five price gainers

Ecobank Transnational Incorporated. 

Oando Plc.

Fidelity Bank Plc. 

UACN Plc. 

Law Union And Rock Ins. Plc.

Top five price decliners

Okomu Oil Palm Plc. 

NCR (Nigeria) Plc.

LASACO Assurance Plc.

Continental Reinsurance Plc.

Tripple Gee And Company 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, rising to 359 Naira per dollar on the 23rd of August 2019. This is higher than N363 per dollar it had recorded a week before.

How did the price of oil fare?

Brent oil prices closed out the week on the 23rd of August 2019 at $58.93 per barrel, a slight decline from the $58.99 recorded a week earlier. On Friday, oil prices took a dive after China announced plans to impose tariffs on $75 billion worth of American goods amid the ongoing trade war with the United States. This came as the oil market was awaiting a U.S. Fed hint at interest rate policy.

Elsewhere on Ventures

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