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The Nigerian domestic market closed today’s trading session on a bullish note, extending its upward trajectory, as key market performance indicators (the NGX-ASI and Market Capitalization) each appreciated by 0.52%. The positive sentiment was underpinned by sustained buying interest in mid and large-cap stocks, with Insurance sector emerging as the top performer again, posting an impressive 8.76% gain. The Insurance sector wide rally was fueled by renewed investor optimism, buoyed by recent reforms within the industry, amid improved investor confidence in the capital market. As a result, the market index (All-Share Index) grew by 755.49 basis points today, to close at a new all-time high of 146,569.35 points, representing a 0.52% increase from the previous session. In a similar trend, the Market Capitalization appreciated by ₦478.82 billion to settle at ₦92.73 trillion, also marking a 0.52% increase.
However, market activities declined today as the Total Volume and Total Value of trades reduced by +26.51% and +16.45% respectively. Approximately 1,983.02 million units valued at ₦27,261.91 million were transacted across 35,291 deals. In terms of volume, LINKASSURE led the activity chat, accounting for 18.81% of the total volume of trades, followed by PRESTIGE (12.60%), VERITASKAP (9.19%), STERLINGNG (6.11%), and LASACO (2.97%), rounding out the top five. GTCO emerged as the most traded stock in value terms, with 10.78% of the total value of trades on the exchange.
AIICO, CORNERST, MANSARD, and UPL topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by GUINNESS with (+9.98%) growth, UPDC (+9.94%), PRESTIGE (+9.93%), NEM (+9.93%), NGXGROUP (+9.92%) and thirty-five others. Thirty-three (33) stocks depreciated, where CHAMS were the top loser, with a price depreciation of -9.94%, as CAVERTON (-9.65%), UACN (-9.44%), MAYBAKER (-8.97%), OANDO (-8.47%), and BUACEMENT (-4.37%) also dipped in price. In that regard, the market breadth closed positive, recording 44 gainers and 33 losers.
In addition, the market sectoral performance was positive today, as three out of the five major market sectors were up, led by the Insurance sector, which surged by (+8.76%), followed by the Consumer goods sector, advanced by (+4.08%), and lastly the Banking sector with a gain of (0.20%). The Industrial and Oil & Gas sectors dropped by -1.73% and -0.93% 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.
