Below is the Ventures Africa Weekly Economic Index, for the week ending 8th of May 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 May 8, 2020, showed that the NSE All-Share Index and Market Capitalization both gained appreciated by 4.45 percent to close the week at 24,045.40 and N12.531 trillion respectively. All other indices finished higher with the exception of NSE ASeM.
Top price gainers and decliners in the week under review:
Top five price gainers
Wapic Insurance Plc.
Nigerian Breweries Plc.
Consolidated Hallmark Insurance Plc.
Prestige Assurance Plc.
Top five price decliners
Linkage Assurance Plc.
C&I Leasing Plc.
NEM Insurance Plc.
Lafarge Africa Plc.
How did the Naira fare?
The Nigerian currency rose against the dollar at the close of last week, trading at 389 Naira per dollar, an increase from the 392 per dollar recorded a week before.
During the week, Nigeria’s 5 years onshore Non-Deliverable forward contract posted its biggest drop by plunging 27 percent from ₦413.36 to ₦569.69 while the 1-year contract fell 5 percent from ₦394.29 to ₦421.22.
How did the price of oil fare?
Oil markets on Friday 8th of May 2020 closed with a weekly gain as international benchmark Brent rose to $30.24 from $26.81 a week earlier. However, prices opened about 1 percent lower on Monday morning as a persistent glut continued to weigh on markets and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns. Brent crude was down to $30.63 a barrel, while U.S. oil fell to $24.39 a barrel.