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The Nigerian equity market concluded the week, and simultaneously closed trading activities for the month of November, on a positive note as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.20%. Specifically, the market index (All-Share Index) added 281.30 basis points in today’s trading session, reflecting a 0.20% increase to close at 143,520.53. Likewise, the Market Capitalization gained ₦178.91 billion, representing a growth of 0.20%, settling at ₦91.28 trillion. The uptick was propelled by renewed buying interest in medium and large cap stocks with good fundamentals, such as UBA, TRANSCORP, WAPCO, UACN, among others across major sectors. However, despite the positive close for the day, the overall market posted a bearish performance on a week-onweek basis as NGX-ASI shed -0.14%, while investors’ wealth also declined by approximately ₦129 billion.
Meanwhile, market activities were up today as the Total Volume of trades rose by +462.83% while the Total Value traded increased by +53.49%. Approximately 1,826.67 million units valued at ₦20,032.62 million were transacted across 20,645 deals. Regarding volume, ACCESSCORP emerged the most traded by generating 18.55%, followed by ELLAHLAKES (14.86%), CONHALLPLC (10.62%), UBA (4.75%), and UNIVINSURE with 3.00%. On value traded, ACCESSCORP generated 15.97% of the total value of trade, thereby making it the highest traded on the exchange.
Furthermore, on the best performers’ chart, IKEJAHOTEL led by generating +10.00%, followed by NGXGROUP (+9.98%), ACADEMY (+9.70%), OMATEK (+9.35%), CADBURY (+8.63%), NSLTECH (+6.67%), and twenty-seven others. A total of twenty-one (21) stocks depreciated. With a price depreciation of -10.00%, ABBEYBDS topped the worst performers’ chart, followed by MEYER (-9.97%), SUNUASSUR (-9.89%), SOVRENINS (-9.09%), LINKASSURE (-8.02%), and CILEASING (-46.77%). Hence, the market breadth closed on a positive note as there were 33 gainers and 21 losers.
Finally, the market sectoral performance was positive today as three out of the five major market sectors appreciated. The Consumer goods sector led by an increase of +0.57%, followed by the Banking sector (+0.25%), and the Industrial goods sector (+0.13%). The Insurance sector decreased by -2.29%, and the Oil & Gas sector (-0.19%).
Following the rebased data published by NBS, the country’s GDP stood at 3.13% in Q1’2025, representing a 63bps decline from the 3.76% recorded in Q4 2024. However, on a year-on-year basis, the growth rate in the first quarter of the year reflects an improvement of 86bps when compared to the 2.27% recorded in Q1’2024. The sustained positive trajectory in Q1 2025 was driven by the gradual easing of key macro/micro economic constraints.
Non-Oil Sector Growth and Contribution Decline slightly
The non-oil sector contributed 96.03% to total GDP in Q1 2025, a decrease from 97.20% in Q4 2024 but marginally higher than 95.98% recorded in Q1 2024. Conversely, the Oil sector’s contribution rose by 117bps to 3.97% in Q1 2025, up from 2.80% in the preceding quarter. This increase was largely driven by improved crude oil production.
In terms of growth, the non-Oil sector slowed by 61bps, recording a growth rate of 3.19% in Q1 2025, compared to 3.80% in Q4 2024. Similarly, the Oil sector recorded real GDP growth of 1.87%, down by 21bps compared to 2.08% in Q4 2024. The country’s crude oil production averaged 1.62mbpd in Q1’2025, which was higher than the daily average crude oil production of 1.57mbpd recorded in the same quarter of 2024, and also 0.08mbpd higher than the Q4’2024 production
volume of 1.54mbpd.
Agricultural Sector Growth Dropped Due to Flooding and Insecurity
Agricultural sector posted a marginal real growth rate of 0.07% in Q1 2025, an improvement of 185bps from -1.79 contraction recorded in Q1 2024. However, the sector’s performance declined sharply compared to Q4 2024, when it grew by 2.54%, representing a 248bps drop. The slowdown was primarily attributed to flooding, insecurity, and persistent post-harvest losses. Also, the sector contribution to the GDP dropped, standing at 23.33% in Q1 2025, which is 535bps lower than Q4 2024 and 71bps lower than Q1 2024.
