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The Nigerian equity market closed today’s trading session on a bearish note, as key market performance indicators (the NGX-ASI and Market Capitalization) both declined by 0.09%. The market negative close was driven by profit-taking in recently appreciated medium and high-cap stocks such as WEMABANK, FTNCOCOA, DANGSUGAR, among others, as investors continue to reflect on recent Q3 financial report by quoted companies. A total of 36 stocks recorded losses, with the Banking sector leading the decline among the major sectors. This marks the second consecutive session of losses, resulting in a cumulative loss of approximately ₦185 billion in investors’ wealth. Specifically, the market index (All-Share Index) shed 142.95 basis points today, representing a drop of 0.09% to close at 155,353.20. Similarly, the Market Capitalization also lost ₦90.73 billion, representing a decline of 0.09%, to close at ₦98.79 trillion.
Nevertheless, market activities were up today as the Total Volume and Total Value of trades increased by +6.64% and +2.96% respectively. Approximately 525.45 million units valued at ₦25,395.25 million were transacted across 32,430 deals. In terms of volume, SOVRENINS led the activity chart, accounting for 8.14% of the total volume of trades, followed by FIDELITYBK (8.01%), FIRSTHOLDCO (7.20%), ZENITHBANK (5.37%), and STANBIC (5.25%), rounding out the top five. DANGCEM also emerged as the most traded stock in terms of value, with 17.89% of the total value of trade on the exchange.
SOVRENINS topped the advancers’ chart for today with a price appreciation of 9.88 percent, trailed by ASOSAVINGS (+9.72%) growth, BERGER (+9.25%), WAPIC (+6.90%), AIICO (+6.13%), CHAMPION (+6.00%) and twenty-one others. Thirty-six (36) stocks were depreciated, where MCNICHOLS was the top loser, with a price depreciation of -8.81%, as LIVESTOCK (-7.69%), CHAMS (-7.06%), FTNCOCOA (-6.25%), WEMABANK (-4.55%), and ACCESSCORP (-2.33%) also dipped in price. In that regard, the market breadth closed negatively, recording 27 gainers and 36 losers.
In addition, the market sectoral performance was negative today, as three of the five major market sectors were down, led by Banking sector, which declined by (-0.66%), followed by the Consumer goods sector with a decline of (-0.42%), and lastly the Industrial sector by (-0.25%). The Oil & Gas and Insurance sectors advanced by +1.15% and +0.08% accordingly.
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.
