Recently, the National Bureau of Statistics (NBS) revealed that the October 2020 Consumer Price Index (CPI) increased by 14.23 percent (year-on-year). The rise represents 0.52 percent, compared to the rate recorded in September 2020 (13.71 percent). The CPI is used to measure the inflation rate in an economy.
Nigeria’s Gross Domestic Product (GDP) also slumped (in real-time) by -3.62 percent (year-on-year) in Q3 2020. This marked a full-blown recession and second consecutive contraction from -6.10 percent recorded in the second quarter (Q2 2020).
Below is the Ventures Africa Weekly Economic Index for the week ending 27th 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
The NSE All-Share Index and Market Capitalization appreciated by 2.19 percent to close the week at 34,885.51 and N18.228 trillion respectively.
Similarly, all other indices finished higher with the exception of NSE CG, NSE Banking, SEAFR Bank Value, NSE AFR Div Yield, NSE MERI Growth and NSE Consumer Goods which depreciated by 0.05 percent, 1.31 percent, 1.53 percent , 0.38 percent, 0.44 percent and 0.5 percent while the NSE ASeM Index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
1.Updc Real Estate Investment Trust.
2. Neimeth International Pharmaceuticals Plc
3. Ncr (Nigeria) Plc.
4. 11 Plc.
5. University Press Plc.
Top five price decliners
1. Japaul Oil & Maritime Services Plc.
2. Honeywell Flour Mill Plc.
3. Custodian Investment Plc.
4. Champion Brew. Plc.
5. Trans-nationwide Express Plc.
How did the Naira fare?
The Naira appreciated against the dollar at the close of last week. The exchange rate rose to 379.80 Naira per dollar on the 27th of November 2020, as against 386 Naira recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 27th of November 2020 at $48.18 per barrel, an increase from the $44.96 recorded a week earlier.