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The Nigerian equity market closed today’s trading session in the red, with key market performance indicators (the NGX-ASI and Market Capitalization) both dropping by 0.04%. This downturn follows the Central Bank decision to maintain the Monetary Policy Rate at 27.50%, and also kept other instruments constant. Despite positive market breadth, the session’s decline was driven by profit-taking in some medium and large-cap stocks, such as ARADEL, ACCESSSCORP, GTCO and others. The session downturn resulted in a decline of ₦26 billion in investors’ wealth. Specifically, the market index (All-Share Index) decreased by 41.01 basis points today, representing a decline of 0.04% to close at 108,568.50. Similarly, the Market Capitalization also lost ₦25.55 billion, representing a drop of 0.04%, to close at ₦67.66 trillion.
However, the market activities were mixed today, as the Total Volume trades increased by 22.56%, while the Total Value traded dropped by 2.40%. Approximately 421.26 million units valued at ₦8,424.71 million were transacted across 13,269 deals. In terms of volume, ELLAHLAKES led the activity chat, accounting for 32.54% of the total volume of trades, followed by ZENITHBANK (5.47%), GTCO (4.96%), JAIZBANK (4.14%), and UBA (3.88%), rounding out the top five. GTCO emerged as the most traded stock in value terms, with 15.54% of the total value of trades on the exchange.
ABBEYBDS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by UPL with (+9.78%) growth, SOVRENINS (+9.57%), REGALINS (+7.58%), TIP (+7.23%), SMURFIT (+7.14%) and twenty-six others. Twenty-four (24) stocks depreciated, where UNIONDICON was the top loser, with a price depreciation of -9.77%, as IKEJAHOTEL (-5.56%), AFRIPRUD (-3.70%), NB (-2.86%), ARADEL (-2.72%), and ACCESSCORP (-2.18%) also dipped in price. In that regard, the market breadth closed positive, recording 32 gainers and 24 losers.
In addition, the market sectoral performance was positive, as three of the five major market sectors were up, led by the Consumer goods sector which grew by (0.69%), followed by the Insurance sector by (0.53%), and the Industrial sector by (0.01%). The Oil & Gas and Banking sectors were down by 1.03% and 0.68% respectively.
Following the data published by NBS, the country’s GDP stood at 3.46% in Q3’2024, a growth of 27 bps when compared to 3.19% recorded in the second quarter of the year. Furthermore, the growth rate in the third quarter of the year increased by +0.92% points, when compared to 2.54% recorded in Q3’2023. The country maintained a positive growth rate in third quarter of the year despite different macro and microeconomic headwinds.
Non-Oil Sector Growth Rate Up by 57bps
As regards components contributing to the GDP, the Non-Oil sector contributed 94.43% to the GDP growth, which was 0.14% higher than 94.30% contribution in Q2’2024, but 0.10% lower than 94.52% contribution in Q3’2023. On the other hand, the Oil contribution to the GDP declined for the second successive quarter by 2.39% to 5.57% in Q3’2024 as against 5.70% in Q2’2024, despite an increase in Crude oil production in the quarter under review.
In terms of growth, the non-Oil components grew by 57 basis point to 3.37% in Q3’2024, as against 2.80% in Q2’2024. Whereas, the real growth in the Oil component of the GDP stood at +5.17% in Q3’2024, which represent a decrease of 4.98% points relative to +10.15% recorded in Q2’2024. The country’s crude oil production averaged 1.47mbpd in Q3’2024, which was higher than the daily average crude oil production of 1.45mbpd recorded in the same quarter of 2023, and also 0.07mbpd higher than the Q2’2024 production volume of 1.41mbpd.
Agricultural Sector Growth Dropped by 0.27% q/q
Agricultural sector recorded a positive growth rate of 1.14% in Q3’2024, but was 0.27% point lower than 1.41% recorded in Q2’2024, and also 0.15% point lower than 1.30% recorded in the third quarter of the previous year, as Flooding, insecurity, and low-level of mechanized farming continues to draw back the agricultural sector. Also, the sector contributed 28.65% to the overall GDP in real terms in Q3’2024, which was higher than its contribution in Q2’2024 (22.61%), but lower than its contribution in the third quarter of 2023 (29.31%).
The Industrial sector declined by 135bps to 2.18% in Q3’2024 in real terms, compared to a growth of +3.53% witnessed in Q2’2024, due to the volatility in the exchange rate, high inflation rate and high lending rate. Furthermore, the sector’s contribution to GDP was down to 17.77% in Q3 2024 from 18.62% in Q2 2024, and also down by 0.22% points when compared 18.00% contribution in Q3 2023.
