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The Nigerian domestic market reversed the previous day’s gain to close today’s trading session in the red, as profit-taking activities in selected medium and blue-chip stocks weighed on overall market performance. Key market performance indicators (the NGX-ASI and Market Capitalization) both posted a decline of 0.11%. Specifically, All-Share index shed 156.18 basis points today, settling at 141,544.83 index points, while the overall market capitalization dropped by approximately ₦97.58 billion, ending the session at ₦89.56 trillion. This market pullback reflects the effect of strategic profit-taking by investors, particularly as market participants continue to weigh the implications of recently released macroeconomic reports. The day’s loss also signaled a declined in investors wealth and pointed to a more cautious market sentiment.
Furthermore, market activities were down today as the Total Volume and Total Value of trade reduced by -23.91% and +45.74% respectively. Approximately 414.98 million units valued at ₦12,944.94 million were transacted across 25,386 deals. In terms of volume, GTCO led the activity chart, accounting for 7.96% of the total volume of trades, followed by NSLTECH (7.86%), UBA (6.35%), CHAMS (5.31%), and REGALINS (4.60%), rounding out the top five. GTCO emerged as the most traded stock in terms of value, with 24.18% of the total value of trade on the exchange.
CUSTODIAN topped the advancers’ chart for today with a price appreciation of 9.94 percent, trailed by MULTIVERSE (+9.68%) growth, ETRANSACT (+9.45%), UNIONDICON (+8.42%), GUINNESS (+6.92%), HONYFLOUR (+5.50%) and fifteen others. Twenty-seven (27) stocks depreciated, where AUSTINLAZ was the top loser, with a price depreciation of -6.27%, as FTNCOCOA (-4.84%), INTBREW (-4.17%), UBA (-2.28%), TANTALIZER (-1.57%), and DANGSUGAR (-0.58%) also dipped in price. In that regard, the market breadth closed negatively, recording 22 gainers and 27 losers.
In addition, the market sectoral performance was negative today, as three out of the five major market sectors were down, led by the Insurance sector, which dropped by (-0.58%), followed by the Oil & Gas sector with a decrease of (-0.39%), and lastly the Banking sector with a decline of (-0.30%). The Oil & Gas sector grew by +0.14%, while the Industrial sector closed flat.
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.
