Business and Economy

The AFEX Commodities Index experienced a decline

The AFEX Commodities Composite experienced a decline, closing at 250.08 points in the week under review. This indicates a second consecutive week of decline in the index for the month of August. The Index dropped by 4.90% as a result of a negative market performance of maize and soybean sub-indices as against previous week performance in the week under review. Maize and soybean dropped by 7.59% and 1.67% to close the trading week at ₦159,401/MT and ₦137,670/MT while paddy rice had a positive performance, rising by 3.28% in the week under review, closing at ₦199,121. 

With warehouse clearing up storage space in anticipation of new harvest, and farmers preparing for next harvest season, the volume of executed trade on the Exchange decreased. Low trade volume is often as a result of waiting periods between commodities cultivation and harvest.

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