Economy

Maize Sheds 10.43% in One Week as Soybean Gains 11.0%

Published

4 years ago

31/08/2021

By Ashemiriogwa Emmanuel

The price of maize per contract in the open market declined by 10.43 per cent week-on-week to N20,170 at the close of last week compared with the N22,518 it recorded in the preceding week.

Data from the AFEX Weekly Commodities Price Report also revealed that the value of the product at the exchange dropped in the week by 3.3 per cent to N23,200 per contract from N24,000 per contract.

It was gathered that the price of maize at the open market depreciated as a result of a supply glut, meaning more of the commodity was in the market than what the buyers could take.

Maize is in the harvest season at the moment and this is why the market has more than it can consume as farmers are flooding the space with the commodity.

Business Post reports that also in the week, the price of soybean increased by 0.74 per cent in the open market to N35,783 from the previous week’s N35.519, while the exchange-traded price appreciated by 11.0 per cent as it closed at N37,183/contract versus N33,500/contract of the earlier week.

However, the paddy rice recorded a decline of 4.33 per cent in the week as its price ended at N16,812 at the open market compared with the preceding week’s N17,573, while at the exchange, it closed flat at N22,000.

As for sorghum, the value went down by 2.80 per cent at the open market to N22,675 from N23,327 and closed flat at the exchange at N20,340, while the price of cocoa appreciated by 0.87 per cent at the open market to N99,022 from N98,167 and also gained 1.38 per cent at the exchange to N97,637 from N96.309

Last week, ginger was sold at the open market at N96,233 per contract in contrast to N92,387 of the earlier week, indicating an appreciation of 4.16 per cent, while the exchange-traded price stood at N27,362, the same price of the preceding week.

Sesame closed flat at the open market and exchange last week at N54,971 and N48,117 respectively, just as cashew remained flat at both markets N47,417 and N44,500 apiece.

It was learned that in the five-day trading week, the total contracts executed on the exchange were 146,289 with maize accounting for 99 per cent of the trades.

A look at the performance of the market in the week showed that the AFEX Commodities Index (ACI) declined by 3.82 per cent, while its Export Index (AEI) dropped 1.42 per cent.

However, the case was different for the Standard & Poor’s Goldman Sachs Commodity Index (S&P GSCI) Agriculture as it improved by 2.31 per cent within the period under review.

Consistently, the ACI outperformed the S&P GSCI Agriculture Index on a season-to-date basis but the AEI underperformed when compared to both indexes.

AFEX noted that its ongoing crop production survey showed that farmers are careful in speculating their yield from the current planting season as some are experiencing heavy rainfall which is not favourable to the growth of their crops.

Consequently, it would be noted that the price of grains in the open market has declined earlier than expected, that is, in three consecutive weeks, unlike in previous years where the prices of grains in the open market reached their peak around the month of August.

Economy

Seven Price Gainers Boost NASD OTC Bourse by 2.19%

Published

2 days ago

21/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Seven price gainers flipped recent declines at the NASD Over-the-Counter (OTC) Securities Exchange, raising the alternative stock market by 2.19 per cent on Friday.

According to data, the market capitalisation added N51.24 billion to end N2.389 trillion compared with the previous day’s N2.338 trillion, while the NASD Unlisted Security Index (NSI) climbed 85.65 points to close at 3,994.32 points, in contrast to the 3,908.67 points it ended a day earlier.

Business Post reports that the advancers were led by MRS Oil Plc, which improved its value by N13.00 to N200.00 per share from N187.00 per share, FrieslandCampina Wamco Nigeria Plc gained N7.40 to settle at N91.55 per unit versus the previous day’s N84.15 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N6.08 to N71.00 per share from N64.92 per share, Afriland Properties Plc added 66 Kobo to finish at N17.17 per unit versus N16.51 per unit, IPWA Plc rose 37 Kobo to N4.15 per share from N3.78 per share, First Trust Mortgage Bank Plc grew by 11 Kobo to N1.20 per unit from N1.09 per unit, and Food Concepts Plc went up by 10obo to N3.70 per share from N3.60 per share.

On the flip side, there were two price losers led by Geo-Fluids Plc, which depreciated by 28 Kobo to N3.32 per unit from N3.60 per unit, and Industrial and General Insurance (IGI) Plc dropped 5 Kobo to sell at 45 Kobo per share from 50 Kobo per share.

Yesterday, the volume of trades went down by 92.0 per cent to 3.7 million units from 45.8 million units, the value of transactions fell by 59.4 per cent to N84.5 million from N208.2 million, while the number of deals went up by 7.7 per cent to 42 deals from 39 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 32.6 million units exchanged for N1.9 billion, trailed by Geo-Fluids Plc with 119.6 million units valued at N470.3 million, and Resourcery Plc with 1.05 billion units traded at N408.6 million.

Resourcery Plc closed the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 119.6 million units worth N470.3 million, and CSCS Plc with 32.6 million units worth N1.9 billion.

Economy

FX Demand Worries Weaken Naira to N1,346/$1 at Official Market

Published

2 days ago

21/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, February 20, by N4.97 or 0.37 per cent to N1,346.32/$1 from the N1,341.35/$1 it was transacted on Thursday.

Heightened FX demand tilted the market toward the downside yesterday, exerting upward pressure on rates despite efforts by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market.

Also in the official market, the domestic currency depreciated against the Pound Sterling during the session by N9.39 to sell for N1,815.25/£1 versus the previous day’s N1,805.86/£1, and lost N7.33 against the Euro to close at N1,584.62/€1 compared with the preceding session’s N1,577.29/€1.

The story was not different for the Nigerian Naira at the GTBank FX desk, where it depleted against the Dollar by N7 on Friday to quote at N1,356/$1 versus the N1,349/$1 it was sold a day earlier, but remained unchanged in the black market at N1,370/$1.

It was observed that risky sentiment among Foreign Portfolio Investors (FPIs) contributed to the FX market, amid fears of hot money flight due to capital gains tax and other factors.

As for the cryptocurrency market, it was mostly green yesterday in reaction to a Supreme Court verdict dismissing a fresh 10 per cent global levy by President Donald Trump.

The apex court on Friday described Mr Trump’s global tariff rollout as illegal. The decision did not clarify what should happen to tariff revenue already collected, and it doesn’t necessarily spell the end of the trade agenda, with multiple legal and executive avenues still available.

Litecoin (LTC) grew 2.7 per cent to $55.00, Cardano (ADA) appreciated 2.6 per cent to trade at $0.2815, Binance Coin (BNB) expanded by 2.6 per cent to $627.19, Dogecoin (DOGE) recouped 1.3 per cent to quote at $0.1, Ripple (XRP) jumped 0.7 per cent to $1.43, Solana (SOL) improved by 0.5 per cent to $84.15, and Ethereum (ETH) soared 0.1 per cent to $1,962.78.

However, Bitcoin (BTC) lost 0.2 per cent to sell for $67,850.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

Fidson, Jaiz Bank, Others Keep NGX in Green Territory

Published

2 days ago

21/02/2026

Dipo Olowookere

By Dipo Olowookere

A further 0.99 per cent was gained by the Nigerian Exchange (NGX) Limited on Friday after a positive market breadth index supported by 53 price gainers, which outweighed 23 price losers, representing bullish investor sentiment.

During the trading day, the trio of Jaiz Bank, Fidson, and NPF Microfinance Bank chalked up 10.00 per cent each to sell for N11.00, N86.90, and N6.27, respectively, while Deap Capital appreciated by 9.96 per cent to N7.62, and Mutual Benefits increased by 9.94 per cent to N5.42.

Conversely, Secure Electronic Technology shed 10.00 per cent to trade at N1.62, Sovereign Trust Insurance slipped by 9.73 per cent to N2.32, Ellah Lakes declined by 7.91 per cent to N12.80, International Energy Insurance retreated by 5.56 per cent to N3.40, and ABC Transport moderated by 5.26 per cent to N9.00.

Data from Customs Street revealed that the insurance counter was up by 2.52 per cent, the industrial goods sector grew by 2.28 per cent, the banking space expanded by 1.43 per cent, the consumer goods index gained 1.23 per cent, and the energy industry rose by 0.05 per cent.

As a result, the All-Share Index (ASI) went up by 1,916.20 points to 194,989.77 points from 193,073.57 points, and the market capitalisation moved up by N1.230 trillion to N125.164 trillion from Thursday’s N123.934 trillion.

Yesterday, investors traded 820.5 million stocks valued at N28.3 billion in 63,507 deals compared with the 898.5 million stocks worth N38.5 billion executed in 61,953 deals, showing a jump in the number of deals by 2.51 per cent, and a shortfall in the trading volume and value by 8.68 per cent and 26.49 per cent apiece.

Closing the session as the most active equity was Mutual Benefits with 79.0 million units worth N427.1 million, Zenith Bank traded 44.0 million units valued at N3.8 billion, Chams exchanged 43.9 million units for N182.0 million, AIICO Insurance transacted 42.4 million units valued at N179.8 million, and Veritas Kapital sold 36.0 million units worth N90.6 million.