Photograph — Sweet Crude Reports

Below is the Ventures Africa Weekly Economic Index for the week ending 23rd of October 2020. 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

Data released by the Nigerian Stock Exchange as of October 23, 2020, showed that the NSE All-Share Index and Market Capitalization both appreciated by 0.13 percent to close the week at 28,697.06 and 14.999 trillion respectively. All other indices finished lower with the exception of NSE-Main Board, NSE 30, NSE MERI Growth and NSE Consumer Goods while the NSE ASeM Index closed flat.

Top price gainers and decliners in the week under review:

Top five price gainers

International Breweries Plc.

Cutix Plc.

Nascon Allied Industries Plc.

Japaul Oil & Maritime Services Plc.

Ikeja Hotel Plc.

Top five price decliners

N Nigeria Flour Mills Plc.

Linkage Assurance Plc.

Eterna Plc.

Regency Assurance Plc.

Royal Exchange Plc.

Note: The NSE last week postponed all events scheduled for the week in view of the social unrest experienced across Nigeria. A new date will be communicated in due course for the upcoming webinars.

How did the Naira fare?

Credit:  Pius Utomi Ekpei/AFP/Getty Images

The Nigerian currency slid against the dollar at the close of last week, trading at ₦382 per dollar, a slight depreciation from the ₦380 a dollar recorded a week before. The exchange rate in the parallel market – where forex is traded unofficially – closed at ₦463/$1, from ₦460 per dollar last week. At the NAFEX window, the rate remained stable to close at ₦386/$1 during intraday trading on Friday.

How did the price of oil fare?

A surge in Covid-19 cases around the globe is threatening oil demand and sent oil prices back below $40 last week. International benchmarks West Texas Intermediate and Brent Crude closed the week at $39.93 and $41.81, from $40.84 and $42.98, respectively.

The United States Thursday reported more than 70,000 infections for the first time in three months, and there are indications Washington may break new record highs in the coming days. As coronavirus continues to spread, oil demand remains weak in Europe, the U.S. and Latin America.

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