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The Nigerian equity market sustained its bullish momentum to close today’s trading session on a positive note, as key performance indicators showed mixed outcomes. The NGX-ASI rose by 1.22%, adding 1,466.87 basis points to close at an historic all-time high of 121,257.69 points. Similarly, the Market Capitalization recorded a gain of ₦1,184.78 billion, representing a 1.57% increase to settle at ₦76.76 trillion. The contrasting performance of these indicators can be attributed to the additional listing of Stanbic IBTC Holdings Plc’s 2,944,772,083 Ordinary Shares of 50 kobo each arising from its Right Issue, on the Exchange today. Investors sentiment remained upbeat, as the local bourse extended its bullish streak to six consecutive trading session, driven by strong buying interest across major market sectors.
Furthermore, market activities were up today in comparison to the previous day’s trade, as the Total Volume and Total Value of trades increased by 0.81% and 11.48% respectively. Approximately 861.67 million units valued at ₦26,176.76 million were transacted across 22,896 deals. In terms of volume, FIDELITYBK led the activity chat, accounting for 9.68% of the total volume of trades, followed by CAVERTON (7.49%), ZENITHBANK (7.07%), JAPAULGOLD (6.56%), and ACCESSCORP (5.67%), rounding out the top five. ZENITHBANK emerged as the most traded stock in value terms, with 13.19% of the total value of trades on the exchange.
DANGSUGAR and OANDO topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by CHAMPION with (+9.98%) growth, CILEASING (+9.98%), CWG (+9.95%), ELLAHLAKES (+9.94%), LEGENDINT (+9.93%) and fifty-five others. Seventeen (17) stocks depreciated, where UPL was the top loser, with a price depreciation of -6.25%, as MULTIVERSE (-4.89%), WAPCO (-4.10%), NESTLE (-3.33%), VFDGROUP (-2.55%), and STERLINGNG (-1.55%) also dipped in price. In that regard, the market breadth closed positive, recording 62 gainers and 17 losers.
In addition, the market sectoral performance was positive today, as all the five major market sectors were up, led by the Banking sector, which grew by (2.38%), followed by the Consumer goods sector, appreciated by (2.25%), the Industrial sector by (2.24%), the Insurance sector by 1.97%, and lastly the Oil & Gas sector, recording a growth of 1.10%.
Following the data published by NBS, the country’s GDP stood at 3.46% in Q3’2024, a growth of 27 bps when compared to 3.19% recorded in the second quarter of the year. Furthermore, the growth rate in the third quarter of the year increased by +0.92% points, when compared to 2.54% recorded in Q3’2023. The country maintained a positive growth rate in third quarter of the year despite different macro and microeconomic headwinds.
Non-Oil Sector Growth Rate Up by 57bps
As regards components contributing to the GDP, the Non-Oil sector contributed 94.43% to the GDP growth, which was 0.14% higher than 94.30% contribution in Q2’2024, but 0.10% lower than 94.52% contribution in Q3’2023. On the other hand, the Oil contribution to the GDP declined for the second successive quarter by 2.39% to 5.57% in Q3’2024 as against 5.70% in Q2’2024, despite an increase in Crude oil production in the quarter under review.
In terms of growth, the non-Oil components grew by 57 basis point to 3.37% in Q3’2024, as against 2.80% in Q2’2024. Whereas, the real growth in the Oil component of the GDP stood at +5.17% in Q3’2024, which represent a decrease of 4.98% points relative to +10.15% recorded in Q2’2024. The country’s crude oil production averaged 1.47mbpd in Q3’2024, which was higher than the daily average crude oil production of 1.45mbpd recorded in the same quarter of 2023, and also 0.07mbpd higher than the Q2’2024 production volume of 1.41mbpd.
Agricultural Sector Growth Dropped by 0.27% q/q
Agricultural sector recorded a positive growth rate of 1.14% in Q3’2024, but was 0.27% point lower than 1.41% recorded in Q2’2024, and also 0.15% point lower than 1.30% recorded in the third quarter of the previous year, as Flooding, insecurity, and low-level of mechanized farming continues to draw back the agricultural sector. Also, the sector contributed 28.65% to the overall GDP in real terms in Q3’2024, which was higher than its contribution in Q2’2024 (22.61%), but lower than its contribution in the third quarter of 2023 (29.31%).
The Industrial sector declined by 135bps to 2.18% in Q3’2024 in real terms, compared to a growth of +3.53% witnessed in Q2’2024, due to the volatility in the exchange rate, high inflation rate and high lending rate. Furthermore, the sector’s contribution to GDP was down to 17.77% in Q3 2024 from 18.62% in Q2 2024, and also down by 0.22% points when compared 18.00% contribution in Q3 2023.
