It was a historic trading week as the NSE All-Share Index (ASI) posted its largest daily gain in more than five years on Thursday, 12 November 2020. The ASI rose beyond the set threshold of 5 percent, triggering a 30 minute trading halt of all stocks for the first time since the Circuit Breaker was introduced in 2016.
The Circuit Breaker protocol was triggered at 12:55 p.m. when the NSE ASI increased from 33,268.36 to 34,959.39. The market reopened at exactly 1:25 p.m., with a 10-minute intra-day auction session before resuming continuous trading till the close of the day at 2:30 p.m.
A circuit breaker is a regulatory instrument that halts the trading of a security or index for a certain period. It is also used to prevent excessive speculative gains or losses on a security or devastating losses in the markets. Circuit breakers are triggered when a security experiences a large percentage swing in either direction or a market index experiences a catastrophic decline.
Below is the Ventures Africa Weekly Economic Index, for the week ending 13th 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), as of November 13, 2020, showed that the NSE All-Share Index and Market Capitalization appreciated by 12.97% to close the week at 35,037.46 and N18.308 trillion respectively. Similarly, all other indices finished higher while the NSE ASeM Index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
- Oando Plc.
- Japaul Oil & Maritime Services Plc.
- NIG. Flour Mills Plc.
- Live Stock Feeds Plc.
- Fidson Healthcare Plc.
Top five price decliners
- Ikeja Hotel Plc.
- Global Spectrum Energy Services Plc.
- Morison Industries Plc.
- Consolidated Hallmark Insurance.
- CAP Plc.
How did the Naira fare?
The Naira decreased against the dollar at the close of last week. The exchange rate slid to 385 Naira per dollar on the 13th of November 2020, higher than 383.5 recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 13th of November 2020 at $41.34 per barrel, an increase from the $39.45 recorded a week earlier.
