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The Nigerian equity market closed the week on a bullish note, extending its winning streak as key market performance indicators (the NGX-ASI and Market Capitalization) advanced by 1.63%. Trading activity remained upbeat ahead of the Sallah break, driven by heightened buying interest in mid and large cap stocks, such as NGXGROUP, MTNN, and 38 others across major market sectors. This broad-based rally reflects sustained investor confidence in the local market amid uncertainties. Specifically, the market index (All-Share Index) increased by 1,835.02 basis points today, to close at a new all-time high of 114,616.75 points, representing a 1.63% gain. Similarly, the Market Cap. appreciated by ₦1,157.13 billion to settle at ₦72.28 trillion, also marking a 1.63% increase. From a week-on-week perspective, market index appreciated by 2.57%, and investors wealth increased by approximately ₦1.81 trillion in four days.
Furthermore, market activities were up today, as the Total Volume and Total Value trades surged by 139.05% and 100.68% respectively. Approximately 1,461.85 million units valued at ₦33,473.98 million were transacted across 16,410 deals. In terms of volume, FIDELITYBK led the activity chat, accounting for 64.66% of the total volume of trades, followed by ZENITHBANK (4.90%), JAPAULGOLD (2.72%), GTCO (2.41%), and ACCESSSCORP (2.05%), rounding out the top five. FIDELITYBK also emerged as the most traded stock in value terms, with 49.20% of the total value of trades on the exchange.
CHAMPION and NGXGROUP topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by MTNN with (+9.99%) growth, OANDO (+9.96%), MORISON (+9.90%), CORNERST (+9.80%), RTBRISCOE (+9.17%) and thirty-three others. Twenty-two (22) stocks depreciated, where NNFM was the top loser, with a price depreciation of -9.97%, as LEGENDINT (-9.49%), LIVESTOCK (-7.82%), HONYFLOUR (-6.82%), JAIZBANK (-4.11%), and VFDGROUP (-2.25%) also dipped in price. In that regard, the market breadth closed positive, recording 40 gainers and 22 losers.
In addition, the market sectoral performance was positive, as all the five major market sectors were up, led by the Banking sector, which grew by (2.46%), followed by the Oil & Gas sector, appreciated by (2.36%), the Insurance sector by (1.31%), the Consumer goods sector by (0.84%), and lastly the Industrial sector by (0.25%).
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.
