The first quarter (Q1) of the year 2020 placed the Nigerian economy in a vulnerable spot following a crash in global oil prices accompanied by the devastating impact of the COVID-19 pandemic. More so, the aftermath of a recent nationwide protest against the country’s Special Anti- Robbery Squad (SAR) unit has been projected to cost the country N700 billion.
Below is the Ventures Africa Weekly Economic Index for the week ending 6th of November 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), showed that the NSE All-Share Index and Market Capitalization as of November 6, 2020, appreciated by 1.56 and 1.59 percent respectively to close the week at 31,016.17 and N16.207 trillion.
Similarly, all other indices finished higher with the exception of the NSE-Main Board, NSE Insurance and NSE Oil/Gas which depreciated by 0.62 percent 1.32 percent and 0.77 percent respectively while the NSE ASeM Index closed flat.
Top price gainers and decliners in the week under review:
Top five price gainers
Livestock Feeds Plc.
Transitional Corporation of Nigeria Plc.
Dangote Sugar Refinery Plc.
LASACO Assurance PLC.
Top five price decliners
International Breweries Plc.
AXAMANSARD Insurance Plc.
Linkage Assurance PLC.
NEM Insurance Plc.
How did the Naira fare?
The Naira decreased against the dollar at the close of last week. The exchange rate slid to 384 Naira per dollar on the 6th of November 2020, higher than 381 Naira recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 6th of November 2020 at $39.4539.45per barrel, an increase from the $38.97 recorded a week earlier.