Below is the Ventures Africa Weekly Economic Index for the week ending 2nd of October 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 as of October 2, 2020, showed that the NSE All-Share Index appreciated by 2.53 percent while Market Capitalization appreciated by 2.55 percent to close the week at 26,985.77 and ₦14.105 trillion respectively. All other indices finished higher with the exception of NSE Consumer Goods while NSE ASeM Index closed flat.
Top price gainers and decliners in the week under review:
Top five price gainers
Total Nigeria Plc.
Sterling Bank Plc.
Champion Breweries Plc.
Ikeja Hotel Plc.
Top five price decliners
Cornerstone Insurance Plc.
University Press Plc.
E-Tranzact International Plc.
UACN Property Development Company Plc.
Nigerian Breweries Plc.
Note: The Nigerian stock market opened for four trading days last week as the Federal Government of Nigeria declared Thursday, October 1, 2020, a Public Holiday to mark the country’s 60th Independence Anniversary.
Event: The NSE is set to host a financial services webinar on Thursday, October 8, 2020. With the theme, The Future of the Financial Services Industry Post COVID-19, the webinar will bring together market stakeholders to share valuable experiences in managing the impact of the pandemic, as well as discuss the future of the Nigerian financial market, with the goal of charting a route to a sustainable future. Interested participants can register to attend here.
How did the Naira fare?
The Nigerian currency rose against the dollar at the close of last week, trading at ₦383 per dollar, an appreciation from the ₦387 a dollar recorded a week before. The exchange rate in the parallel market – where forex is traded unofficially – closed at ₦465/$1 and appreciated at the NAFEX window to close at ₦385/$1 during intraday trading on Friday.
How did the price of oil fare?
Brent oil prices crashed below on Friday after news broke that President Donald Trump and First Lady of the United States tested positive for the coronavirus. As of midday trading, the international benchmark was down more than 4 percent, dipping below $40 per barrel and closed the week at $39.32. Meanwhile, the West Texas Intermediate fell to $37.10 a barrel.