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The Nigerian equity market halted its bullish momentum today, closing in negative territory, as profit-taking activities in some 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 0.35%. Specifically, All-Share index shed 499.43 basis points today, settling at 141,248.76 index points, while the overall market capitalization dropped by approximately ₦316.01 billion, ending the session at ₦89.37 trillion. This market pullback highlights the impact of strategic profit-taking, as investors moved to secure recent gains following the market’s sustained rally. The day’s loss also signaled a dip in investors wealth and pointed to a more cautious market sentiment.
However, market activities were up today as the Total Volume and Total Value of trades increased by +18.94% and +79.05% respectively. Approximately 682.89 million units valued at ₦22,222.42 million were transacted across 28,695 deals. In terms of volume, FCMB led the activity chat, accounting for 15.99% of the total volume of trades, followed by STERLINGNG (12.68%), CUTIX (6.75%), ACCESSCORP (5.80%), and FIRSTHOLDCO (5.27%), rounding out the top five. ARADEL emerged as the most traded stock in value terms, with 18.56% of the total value of trades on the exchange.
DEAPCAP topped the advancers’ chart for today with a price appreciation of 4.82 percent, trailed by LEGENDINT with (+4.63%) growth, HONYFLOUR (+4.17%), TANTALIZER (+3.60%), AFRIPRUD (+3.13%), UBA (+2.27%) and eleven others. Forty (40) stocks depreciated, where CORNERST and RTBRISCOE were the top losers, with a price depreciation of -10.00% each, as NGXGROUP (-9.70%), GUINNESS (-7.28%), VFDGROUP (-5.98%), GTCO (-3.06%), and ELLAHLAKES (-2.29%) also dipped in price. In that regard, the market breadth closed negative, recording 17 gainers and 40 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 declined by (-3.42%), followed by the Consumer goods which depreciated by (-0.86%), and lastly the Banking sector with a loss of (-0.76%). The Oil & Gas sector increased by +0.18%, 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.
