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The Nigerian equity market extended its positive momentum to close today’s trading session in the green, as key performance indicators “NGX-ASI and Market Capitalization” both advanced by +0.50%. Despite negative breadth and profit-taking activities in some recently appreciated stocks, the market’s overall performance remained positive, driven by sustained buying interest in large and mid-cap stocks such as FTNCOCOA, ETERNA, MTNN, ARADEL among others in some key market sectors. Investor sentiment stayed upbeat, buoyed by improving macroeconomic fundamentals and moderating interest rates. Consequently, the NGXASI grew by 0.50%, adding 723.83 basis points to close at 145,719.09. In tandem, Market Capitalization recorded a gain of ₦459.43 billion, representing a 0.50% increase to settle at ₦92.49 trillion.
However, market activities were mixed today as the Total Volume of trade increased by +3.61%, while the Total Value was down by -43.95%. Approximately 525.73 million units valued at ₦13,612.63 million were transacted across 25,597 deals. In terms of volume, CONHALLPLC led the activity chart, accounting for 16.02% of the total volume of trades, followed by FIRSTHOLDCO (7.00%), JAIZBANK (5.51%), CHAMS (4.69%), and ELLAHLAKES (4.10%), rounding out the top five. GTCO emerged as the most traded stock in terms of value, with 13.24% of the total value of trade on the exchange.
FTNCOCOA topped the advancers’ chart for today with a price appreciation of 8.89 percent, trailed by LIVESTOCK (+7.43%) growth, ETERNA (+6.96%), PRESTIGE (+4.94%), FIDELITYBK (+4.74%), MTNN (+4.64%) and Twenty-three others. Thirty-three (33) stocks depreciated, where IMG was the top loser, with a price depreciation of -9.97%, as JAIZBANK (-7.53%), DANGSUGAR (-6.10%), ELLAHLAKES (-5.44%), UNIVINSURE (-3.57%), and TRANSCORP (-1.01%) also dipped in price. In that regard, the market breadth closed negatively, recording 29 gainers and 33 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 (-0.75%), followed by the Industrial sector with a decrease of (-0.02%), and lastly the Consumer goods sector with a marginal loss of -0.01%. The Oil & Gas and Banking sectors grew by +0.59% and +0.12% respectively.
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.
