Maize Sustains Bearish Run in the AFEX Commodities Market – Coronation Securities Limited

In a review of last week’s trading activities, maize plunged for the third consecutive week on the Exchange by 1.93%, closing the trading week at N196,700/mt.

Similarly in the open market, maize plunged for the fourth consecutive week by 0.87%. This decline can be attributed to the increasing supply of maize in the open market as harvest for the commodity begins.    

The total volume of contracts traded on the Exchange increased by 72.66% compared to the previous week with Wheat accounting for the largest volume.

The benchmark indexes, the AFEX Commodity Index (ACI) declined by 1.20% while the AFEX Export Index (AEI) gained 2.44% W-o-W.

Market Price Performance

• During the week, maize, soybean, and sorghum traded lower on the Exchange while Sesame and Paddy rice gained 3.95% and 3.16%.
• In the open market, we saw a declined in the price of maize, sorghum, cocoa, and ginger. There was however a gain in the prices of soybean, paddy rice, and sesame W-o-W.
• The international prices of sorghum, ginger, sesame, and cashew gained 0.15%, 12.07, 0.15% and 0.15% respectively W-o-W. Paddy rice topped the laggard chart, declining at 2.62%.
• Check out other relevant details on market performance by accessing the report here. SOURCE: Coronation Securities Limited