AFEX Commodities Index experiences a downtick

The AFEX Commodities (ACI) Index composite experienced a downtick as it closed at 178.80 points in the week under review. The index performance reduced by 6.78% WtD. The downward trend was stimulated by the decline in prices of the commodities covered by the index.

Ginger, on the flip side, experienced an increase in price as it closed at ₦522,667.00 (an increase of  9.94%) as a result of the increased orders by buyers in the market for the commodity. Cocoa, however, remained stable in the week under review.

As anticipated in last week’s report, paddy rice price dropped by 7.03%as the effect of the festive celebrations have worn off, and harvest from more producing locations has begun to come on board.