ACI Experiences Negative Performance - AFEX Commodities Weekly Report 200820

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Monday, August 24, 2020 / 06:45 PM /  Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange  

 

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The AFEX Commodities Composite experienced a decline, closing at 250.08 points in the week under review. This indicates a second consecutive week of decline in the index for the month of August. The Index dropped by 4.90% as a result of a negative market performance of maize and soybean sub-indices as against previous week performance in the week under review. Maize and soybean dropped by 7.59% and 1.67% to close the trading week at N159,401/MT and N137,670/MT while paddy rice had a positive performance, rising by 3.28% in the week under review, closing at N199,121. 

With warehouse clearing up storage space in anticipation of new harvest, and farmers preparing for next harvest season, the volume of executed trade on the Exchange decreased. Low trade volume is often as a result of waiting periods between commodities cultivation and harvest.

 

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On the Exchange, maize and soybean dropped by 7.59% and 1.67% to close the trading week at &159,401/MT and 8137,670/MT. Paddy rice had a positive performance rising by 3.28% in the week under review, closing at N199,121.

 

Sorghum, soybean, ginger and cocoa remained unchanged for the week under review.

 

In the Open Market, sorghum dropped slightly, while cocoa and ginger maintained their prices while all other commodities experienced an uptick.

 

The aggregate volume of trades executed on the Exchange in the week under review totalled 88.44 MT with paddy rice and ginger accounting for 82.4% and 13.6% of the traded volume respectively.                     

 

 Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.


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