Latest News | February 29, 2024
Subsidy removal: Petrol import crashes by 990million litres monthly. | Severe fibre cuts disrupt telecom services. | Foreign Exchange: Nestlé Nigeria Reports N79.47bn Loss. | Reps okay N446.34bn budget for FIRS. | NUPRC Eyes $17.67bn Investments in Upstream, 2.12bn Barrels Oil, 13.13tcf Gas Recovery in 5 Years. | NLNG grows LPG production to 1.5million tonnes, begins naira sale. | FCTA pulls down BDC headquarters in Abuja. | Aba Power to start commercial operations this weekend. | Dollar crashes to N1,450 after CBN hikes interest rate. | FG to crash drug prices, gets $1bn from AfreximBank. | Asia stocks sputter before US inflation data; yen gains. | Oil slips further on US demand, interest rate fears.
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WHO WE ARE

We specialize in assisting a diverse clientele base, which includes:  Government Agencies, High Net worth Individuals, Multi – Nationals, Insurance Companies and Small savers. ASL manages such funds to achieve a maximum return with a minimum risk through efficient portfolio diversification.

Market Today | 29th February, 2024

The Nigerian equity market closed trading activities for today positive, recording its first gain of the week, as the market performance indicators (NGX-ASI and Market Capitalization) grew by +0.68%. The bourse upturn was due to bargain hunting in recently depreciated medium and large-scale stocks, such as; GTCO, UBA, OANDO, and others, as investors wealth grew by ₦370 billion. Therefore, the market index (All-Share Index) increased by 677.73 basis points today, representing a rise of +0.68% to close at 99,980.30, while the Market Capitalization also gained ₦370.42 billion, representing a growth of +0.68%, to close at ₦54.71 trillion.

Furthermore, market activities were up, as the Total Volume and Total Value traded for the day increased by +37.03% and +49.27% respectively. Approximately 542.95 million units valued at ₦8,696.78 million were transacted in 9,650 deals. UBA was the most traded stock in terms of volume, accounting for 17.28% of the total volume of trades, followed by TRANSCORP (9.97%), JAPAULGOLD (6.33%), STERLINGNG (5.25%), and FIDELITYBK (5.00%) to complete the top 5 on the volume chart, while UBA was also the most traded stock in value terms, with 23.78% of the total value of trades on the exchange.

GTCO, JULI, UBA, and NEM topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by CHAMPION with (+9.97%) growth, CONHALLPLC (+9.92%), STERLINGNG (+9.90%), JAPAULGOLD (+9.85%), UACN (+9.76%), and twenty-seven others. Nineteen (19) stocks depreciated, where SUNUASSUR was the top loser, with a price depreciation of -10.00%, as ETERNA (-9.81%), CADBURY (-9.52%), NESTLE (-9.09%), MANSARD (-5.66%), and FLOURMILL (-4.53%) also dipped in price. In that regard, the market breadth closed positive, recording just 37 gainers and 19 losers.

In addition, the market sector performance was par, as two of the five major market sectors were up, led by the Banking sector, which grew by +6.14%, and the Insurance sector by (+1.26%), while the Oil & Gas and Consumer goods sectors were down by -0.33% and -0.18% accordingly. The Industrial sector closed flat.

Q2'2023 GDP SNAPSHOT

Following the data published by NBS, the country’s GDP grew by 2.51% in Q2’2023 from 2.31% in the first quarter of the year, sustaining the country’s economic expansion. However, Q2’2023 growth rate decreased by -1.03% points from 3.54% recorded in Q2’2022 due to slow down in the country’s economic activities buoyed by various macro/microeconomic headwinds, but increased by 0.20% when compared to 2.31% recorded in Q1’2023.

Oil Sector Contribution Dipped by -13.97% q/q

As regards components contributing to the GDP, the Non-Oil contributed 94.66% to the GDP growth, which was 1.05% higher than 93.67% contribution in Q2’2022, and 0.93% higher than 93.79% contribution in Q1’2023. On the other hand, the Oil contribution to the GDP declined by 13.97% to 5.34% in Q2’2023 as against 6.21% in Q1’2023, due to drop in Crude oil
production in the quarter under review.

In terms of growth, the non-Oil components advanced by 81 basis point to 3.58% in Q2’2023, as against 2.77% in Q1’2023. Whereas, the real growth in the Oil component of the GDP stood at -13.43% in Q2’2023, which represent a decrease of 9.22% points relative to -4.21% recorded in Q1’2023. The slight growth recorded in the oil sector in the first quarter of the year
was hampered in the second quarter due to increase cases of oil theft and pipeline vandalism. The average daily oil production (1.22mbpd in Q2’2023) was lower than the daily average crude oil production of 1.43mbpd recorded in the same quarter of 2022, and also 0.29mbpd lower than the Q1’2023 production volume of 1.51mbpd.

Services and Agricultural Sectors Recorded Positive Growth

After a decline of -0.90% in the first quarter of the year due to the naira crunch in the, alongside existing issues such as disruption in food supply caused by the Russian-Ukraine war, Flooding, and Insecurity, the Agricultural sector recorded a positive growth rate in Q2 2023 (grew by +2.40% basis point to +1.50%, when compared to -0.90% recorded in Q1 2023). It also increased by 30bps when compared to the corresponding period of 2022. Furthermore, the sector contributed 23.01% to the overall GDP in real terms in Q2’2023, which is higher than its contribution in Q1’2023 (21.66%), but lower than its contribution in the second quarter of 2022 (23.24%).

The Industrial sector declined by 226bps to -1.94% in Q2’2023 in real terms, compared to a positive growth of +0.31% witnessed in Q1’2023, driven by high exchange rate of Naira to the US Dollar, high inflation rate and high lending rate. Also, the sector’s contribution to GDP was down to 18.56% in Q2 2023 from 21.05% in Q1 2023, also down by -0.84% points when compared 19.40% contribution in Q2 2022.

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This is to inform the public that Atlass Portfolio Limited is a trading license holder with the Nigerian Exchange Group and licensed by the Securities & Exchange Commission (SEC) to perform and provide stockbroking-related products and services as approved by the Securities & Exchange Commission (SEC).
Please note that Atlass Portfolios Ltd is an Investment Company and does not offer products or services not approved by its regulators.
Atlass Portfolio Limited has never portrayed itself as an investment company outside the scope of stock trading, nor a company that carries out investment transaction in order to offer interest on deposits. We strongly advise the public to be wary of any other information contrary to the above.
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    Atlass Portfolio Limited