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Review of Key Developments in the Nigerian Economy Week 1 of 2019

Monday, January 07, 2019 3.00PM / Ottoabasi Abasiekong for Proshare WebTV

It was an eventful first week of January, 2019 in the Nigerian Economy and we bring to you key developments that occurred during the week in review.

Economy

The leadership of the Nigerian Labour Congress and other affiliate unions held a meeting last week with the Federal Government to reach a possible agreement on the N30,000 minimum wage. There was no agreement and it has been rescheduled for today.
A faction of the Niger-Delta Militants group attacked a Conoil Upstream platform in Bayelsa State, sending signals on the need to step up peace efforts in the oil-rich region.

Financial Market

The Central Bank of Nigeria(CBN) on Friday, January 4, 2019, made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019 with a total sum of $210 million injected into the wholesale and other sectors of the market.

Capital Market

NSE

The Nigeria stock exchange removed Diamond Bank, NEM Insurance and Continental Reinsurance from the Corporate Governance Index.
The NSE listed the expanded shares of Cement Company of Northern (CCNN) with market value hitting N254bn.
The All Share Index (ASI) for the first week of January, 2019 depreciated by -1.28% on a W-o-W basis. While the Market Capitalization appreciated by 0.78% to close the week at 30,638.90 and N11.426 trillion respectively.

NASD

Market Capitalisation increased to N520.89 billion from last week’s previous N509.69 billion, which shows a 2.20% increase in Capitalisation. Also the USI for the week ending 04 January,2019 recorded a 2.20% increase from 733.35 points to 749.47 points.