AFEX Commodities Index composite experience a massive gain

The AFEX Commodities Index composite experienced a massive uptick to close at 246.46 points in the week under review. The index performance appreciated by 21.31% W-on-W due to the positive market performance of the Maize and Soybean sub-indices against previous week performance in the week under review

On the flip side, paddy rice fell slightly by 1.08% to closing the trading week at ₦175,000/MT.Maize and soybean appreciated by 37.33% and 2.50% to close the trading week at ₦161,167/MT and ₦134,275/MT respectively.
 

Export commodities, ginger and cocoa, also experienced losses of 5.37% and 4.65% to close at ₦737,667/MT and ₦873,362/MT in the week under review.
In the open market, maize, soybean and  paddy rice experienced slight price changes while sorghum, ginger and cocoa maintained their price levels from previous week.

The aggregate volume of trades executed in the week under review totaled 488.75MT with maize accounting for more than 75% (367.58MT) of the total traded volume.