The Nigerian Stock Exchange (NSE) has launched its first-ever hackathon dubbed X-Kathon. The idea innovation contest is designed to improve the level of millennial participation in the bourse as well as enhance retail investors’ participation in the capital market.
The inaugural edition of X-Kathon is themed Millennial Participation in The Capital Market. Interested participants are encouraged to submit creative ideas, software/tech solutions and hacks to address “low participation of millennials in the capital market” on or before October 8, 2019. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 27th of September, 2019. This economic index gives you a glimpse into recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of September 27, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 0.09 percent to close the week at 27,675.04 and N13.472 trillion respectively. All other indices finished higher with the exception of NSE Consumer Goods, NSE Premium, NSE Banking, and co., while the NSE ASeM index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
Seplat Petroleum Development Company Plc.
Continental Reinsurance Plc.
Total Nigeria Plc.
Eterna Plc.
Nestle Nigeria Plc.
Top five price decliners
Learn Africa Plc.
UACN Property Development Company Plc.
NPF Microfinance Bank Plc.
Stanbic Ibtc Holdings Plc.
Cement Co. Of North. Nig. Plc.
How did the Naira fare?
The Naira maintained its value against the dollar at the close of last week. The exchange rate stayed at 362 Naira per dollar on the 27th of September 2019, the same as a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 27th of September 2019 at $63.37 per barrel, a notable decrease from the $66.12 recorded a week earlier. Oil prices have been on a weekly downward trend since rising almost 12 percent after Houthi rebels attacked Saudi oil infrastructure on September 14. On Friday, the Wall Street Journal reported that Saudi Arabia had agreed to a partial ceasefire with the rebels in Yemen, a move that caused oil prices to fall sharply.
