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The Nigerian equity market began the week on a negative note, as key market performance indicators (the NGX-ASI and Market Capitalization) declined by 0.17% each. The bourse downturn was fueled by profit-taking and sell-off in some large and medium cap stocks across major market sectors, particularly within the Banking sector, which shed 3.98%. Notable decliners included NNFM, ACCESSCORP, ZENITHBANK, among others, resulting to a drop of approximately ₦121 billion in investors’ wealth. Specifically, the market index (All-Share Index) decreased by 191.30 basis points today, representing a drop of 0.17% to close at 115,238.24. Similarly, the Market Capitalization also lost ₦120.64 billion, representing a decline of 0.17%, to close at ₦72.67 trillion.
However, market activities were mixed today, as the Total Volume trades reduced by 33.72%, while the Total Value of trades was up by 5.75%. Approximately 618.55 million units valued at ₦18,984.13 million were transacted across 18,835 deals. In terms of volume, ACCESSCORP led the activity chat, accounting for 12.86% of the total volume of trades, followed by UBA (12.57%), ZENITHBANK (10.66%), FIDELITYBK (6.94%), and GTCO (5.61%), rounding out the top five. ZENITHBANK emerged as the most traded stock in value terms, with 16.16% of the total value of trades on the exchange.
GUINEAINS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by ELLAHLAKES with (+9.93%) growth, LEGENDINT (+9.87%), ROYALEX (+9.68%), FIDSON (+9.64%), NGXGROUP (+9.09%) and fifteen others. Forty-three (43) stocks depreciated, where NNFM was the top loser, with a price depreciation of -10.00%, as ACCESSCORP (-8.28%), TANTALIZER (-6.84%), BERGER (-6.72%), ZENITHBANK (-6.37%), and CADBURY (-4.27%) also dipped in price. In that regard, the market breadth closed negative, recording 21 gainers and 43 losers.
In addition, the market sectoral performance was negative, as three out of the five major market sectors were down, led by the Banking sector, which declined by (3.98%), followed by the Oil & Gas sector, dropping by (0.90%), and the Insurance sector by (0.49%). The Consumer goods sector recorded a growth of 1.98%, while the
Industrial sector closed unchanged.
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.
