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The Nigerian domestic market resumed trading for the week on a bearish note, as key performance indicators reflected a mix of outcomes. The NGX-ASI reduced by -1.26%, shedding 1,853.82 basis points, to close at 145,159.77. Likewise, the Market Capitalization also lost ₦1,172.49 billion, representing a decline of -1.25%, to settle at ₦92.32 trillion. Despite positive market breadth, bourse downtick was fueled by sell pressure in some medium and large-scale stocks across major market sectors, particularly within the Industrial goods sector, which shed 4.48%. Notable decliners included DANGCEM, TRANSCORP, ACCESSCORP, EUNISELL, among others, as Headline Inflation drops further to 16.05% in October 2025.
Also, the Total Volume of trades declined by -92.64% while the Total Value traded fell by -26.88%. Approximately 360.60 million units valued at ₦30,892.49 million were transacted across 27,975 deals. Concerning volume traded, TANTALIZER led the chart by generating 14.74%, followed by ARADEL (7.85%), GTCO (5.62%), ASOSAVINGS (5.17%), and STERLINGNG with 4.00%. On value traded, ARADEL generated 69.06%% of the total value of trade, thereby making it the highest traded on the exchange.
Furthermore, SOVRENINS topped the best performer’s chart by generating +9.97%, closely followed by NCR (+9.96%), TANTALIZER (+9.81%), PRESTIGE (+9.70%), EUNISELL (+8.52%), IKEJAHOTEL (+8.33%), and twenty-two others. A total of twenty-four (24) stocks depreciated. On the worst performers’ chart, DANGCEM and ENAMELWA took the lead with a price depreciation of -10.00% each, followed by TRANSCORP (-4.66%), AIICO (-4.11%), GUINEAINS (-3.97%), and WAPIC (-3.45%), Hence, the market breadth closed on a positive note as there were 28 gainers and 24 losers.
Finally, the market sectoral performance was negative today as four out of the five major market sectors declined. The Industrial goods sector led by a decrease of -4.48%, followed by the Oil & Gas sector (-1.18%), the Banking sector (-1.01%), and the Consumer goods sector (-0.02%). Only the Insurance sector increased by +0.07%.
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.
