Latest News | June 23, 2024
Alleged N17b debt: Exchange challenges court’s jurisdiction. | Tinubu approves N280bn to complete Bodo-Bonny road. | SEC Probes Fund Managers’ Exposure to Heritage Bank. | Stakeholders worry over new NMDPRA $2,000 registration fee. | Nigeria’s global FX reserves share drops to 0.26% as world total hits $12.3trn. | Withheld salaries: SSANU, NASU give Fed Govt two-week ultimatum. | FG: $550m NNPC, TotalEnergies JV Ubeta Project Will Boost Domestic Gas Market. | Investor apathy delays Nigeria’s oil blocks sale. | World Bank sets conditions for Nigeria’s $1.5bn loan. | Femi Otedola increases stake in First Bank Holdings, buys 546.7 million units of shares. | Naira slump, loans push public debt to N121tn. | Oil prices set for second week of gains on signs demand improving. | Asian shares end the week with a whimper, yen struggles.
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WHO WE ARE

We specialize in assisting a diverse clientele base, which includes:  Government Agencies, High Net worth Individuals, Multi – Nationals, Insurance Companies and Small savers. ASL manages such funds to achieve a maximum return with a minimum risk through efficient portfolio diversification.

Market Today | 21st June, 2024

The Nigerian equity market ended the week with a decline, as the market performance indicators (NGX-ASI and Market Capitalization) fell by -0.10%. The local market also dropped by 0.18% week-on-week, primarily due to profit-taking in the financial sector and other major stocks, leading to a ₦103 billion (w/w) decrease in investor wealth. The market index (All-Share Index) reduced by 99.77 basis points today, representing a decrease of -0.10% to close at 99,743.05, with the Market Capitalization also losing ₦56.51 billion, representing a decline of -0.10%, to close at ₦56.42 trillion.

Furthermore, market activities were down, as the Total Volume and Total Value traded for today decreased by -52.52% and -55.20% respectively. Approximately 617.22 million units valued at ₦11,346.08 million were transacted in 9,273 deals. FBNH was the most traded stock in terms of volume, accounting for 33.70% of the total volume of trades, followed by GTCO (9.49%), VERITASKAP (9.34%), AIICO (7.59%), and FIDELITYBK (6.23%) to complete the top 5 on the volume chart, while FBNH was also the most traded stock in value terms, with 40.37% of the total value of trades on the exchange.

INTBREW topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by THOMASWY with (+9.95%) growth, CHAMS (+9.86%),
CHAMPION (+9.83%), JOHNHOLT (+9.66%), MCNICHOLS (+9.52%), and seventeen others. Twenty-six (26) stocks depreciated, where MULTIVERSE was the top loser, with a price depreciation of -9.68%, as SUNUASSUR (-6.25%), FIDELITYBK (-4.81%), FBNH (-3.42%), STERLINGNG (-2.27%), and FTNCOCOA (-2.19%) also dipped in price. In that regard, the market breadth closed negative, recording 23 gainers and 26 losers.

Nevertheless, the market sector performance was positive, as three of the five major market sectors were up, led by the Consumer goods sector, which grew by (+0.16%), followed by the Oil & Gas sector by (+0.12%), and the Industrial sector by (+0.08%). The Insurance and Banking sector dropped by -1.46% and -1.26% accordingly.

Q2'2023 GDP SNAPSHOT

Following the data published by NBS, the country’s GDP grew by 2.51% in Q2’2023 from 2.31% in the first quarter of the year, sustaining the country’s economic expansion. However, Q2’2023 growth rate decreased by -1.03% points from 3.54% recorded in Q2’2022 due to slow down in the country’s economic activities buoyed by various macro/microeconomic headwinds, but increased by 0.20% when compared to 2.31% recorded in Q1’2023.

Oil Sector Contribution Dipped by -13.97% q/q

As regards components contributing to the GDP, the Non-Oil contributed 94.66% to the GDP growth, which was 1.05% higher than 93.67% contribution in Q2’2022, and 0.93% higher than 93.79% contribution in Q1’2023. On the other hand, the Oil contribution to the GDP declined by 13.97% to 5.34% in Q2’2023 as against 6.21% in Q1’2023, due to drop in Crude oil
production in the quarter under review.

In terms of growth, the non-Oil components advanced by 81 basis point to 3.58% in Q2’2023, as against 2.77% in Q1’2023. Whereas, the real growth in the Oil component of the GDP stood at -13.43% in Q2’2023, which represent a decrease of 9.22% points relative to -4.21% recorded in Q1’2023. The slight growth recorded in the oil sector in the first quarter of the year
was hampered in the second quarter due to increase cases of oil theft and pipeline vandalism. The average daily oil production (1.22mbpd in Q2’2023) was lower than the daily average crude oil production of 1.43mbpd recorded in the same quarter of 2022, and also 0.29mbpd lower than the Q1’2023 production volume of 1.51mbpd.

Services and Agricultural Sectors Recorded Positive Growth

After a decline of -0.90% in the first quarter of the year due to the naira crunch in the, alongside existing issues such as disruption in food supply caused by the Russian-Ukraine war, Flooding, and Insecurity, the Agricultural sector recorded a positive growth rate in Q2 2023 (grew by +2.40% basis point to +1.50%, when compared to -0.90% recorded in Q1 2023). It also increased by 30bps when compared to the corresponding period of 2022. Furthermore, the sector contributed 23.01% to the overall GDP in real terms in Q2’2023, which is higher than its contribution in Q1’2023 (21.66%), but lower than its contribution in the second quarter of 2022 (23.24%).

The Industrial sector declined by 226bps to -1.94% in Q2’2023 in real terms, compared to a positive growth of +0.31% witnessed in Q1’2023, driven by high exchange rate of Naira to the US Dollar, high inflation rate and high lending rate. Also, the sector’s contribution to GDP was down to 18.56% in Q2 2023 from 21.05% in Q1 2023, also down by -0.84% points when compared 19.40% contribution in Q2 2022.

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