Due to the COVID-19 pandemic and other challenges, 2020 was a tough year for the global economy. But even though some economies fell into a recession, many have been resilient enough to navigate the tides.

In a recent report, Oscar N. Onyema, the Chief Executive Officer of the Nigerian Stock Exchange disclosed that “of 93 global equity indices tracked by Bloomberg, the NSE All-Share Index (ASI) emerged as the best-performing index in the world, surpassing the S&P 500 (+16.26 percent), Dow Jones Industrial Index (+7.25 percent), and other global and African market indexes, to post a one-year return of +50.03percent.”

Below is the Ventures Africa Weekly Economic Index for the week ending 22nd of January, 2021. 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

The NSE All-Share Index and Market Capitalization depreciated by 0.42 percent and 0.38 percent to close the week at 41,001.99 and N21.449 trillion respectively.

Similarly, all other indices finished lower with the exception of NSE MERI Growth which appreciated by 0.12 percent while the NSE ASeM and NSE Growth Indices closed flat

Top five price gainers

Champion Brew. Plc. 

Trans-nationwide Express Plc. 

NCR (Nigeria) Plc.

N Nig. Flour Mills Plc. 

Linkage Assurance Plc

Top five price decliners

Japaul Gold & Ventures Plc.

Axamansard Insurance Plc.

Mrs Oil Nigeria Plc.

FTN Cocoa Processors Plc.

Chams Plc. 

How did the Naira fare?

The Naira appreciated against the dollar at the close of last week. The exchange rate increased to N394.97 per dollar on the 22nd of January 2021, from N396.28 recorded last week. 

How did the price of oil fare?

Brent oil prices closed out the week on the 22nd of January 2021 at $55.41 per barrel, a slight increase from the $55.10 per barrel recorded a week earlier.