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The Nigerian equity market commenced the new trading week in the green, extending the upward momentum sustained from the previous week. Key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.18%, reflecting continued investor confidence and heightened buying interest across key sectors. The rally was largely supported by active accumulation of large-cap and fairly priced stocks such as; STANBIC, TRANSCORP, BUACEMENT, and 41 others, indicating bullish investor sentiment for the weeks ahead. Specifically, the market index (All-Share Index) increased by 229.85 basis points today, to close at a new all-time high of 126,379.44 points, representing a 0.18% gain. Similarly, the Market Cap. appreciated by ₦144.43 billion to settle at ₦79.95 trillion, also marking a 0.18% increase.
However, market activities were mixed today as the Total Volume of trades dropped by 10.03%, while the Total Value traded was up by 0.21%. Approximately 1,250.06 million units valued at ₦30,615.64 million were transacted across 38,918 deals. In terms of volume, ACCESSCORP led the activity chat, accounting for 10.75% of the total volume of trades, followed by JAPUALGOLD (7.27%), AIICO (7.27%), UBA (5.36%), and JAIZBANK (4.65%), rounding out the top five. SEPLAT also emerged as the most traded stock in value terms, with 16.72% of the total value of trades on the exchange
NSLTECH topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by ABBEYBDS with (+9.99%) growth, IKEJAHOTEL (+9.95%), MCNICHOLS (+9.92%), TRIPPLEG (+9.78%), ABCTRANS (+9.77%) and thirty-eight others. Thirty-six (36) stocks depreciated, where RTBRISCOE, CAVERTON, CUTIX, and TANTALIZER were the top losers, with a price depreciation of -10.00% each, as NEIMETH (-9.95%), ELLAHLAKES (-9.90%), JAPAULGOLD (-9.85%), INTBREW (-9.09%), and LIVESTOCK (-5.26%) also dipped in price. In that regard, the market breadth closed positive, recording 44 gainers and 36 losers.
In addition, the market sectoral performance was positive today, as three out of the five major market sectors were up, led by the Industrial sector, which grew by (+2.27%), followed by the Banking sector, advanced by (+1.88%), and lastly the Oil & Gas sector with a gain of (+0.03%). The Consumer goods and Insurance sectors dropped by -1.73% and -0.42% accordingly.
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.
