Latest News | March 28, 2024
Nigeria’s 364-Day Treasury Bills Oversubscribed by 1,746.7%, Subscriptions Hit N2.48 Trillion. | $400m debt: IBEDC, UCH trade words as Disco disconnects hospital. | Dangote refinery to accelerate European trade decline. | WACOT, Cocoasource partner for sustainable cocoa trading. | Naira Continues Gain, Closes N1,300 at Official Market, N1320/$1 at Parallel Market. | Cardoso fires two big signals with 600bps rate hike in one month. | Access Holdings grows profit by 306% as assets hit N26tn. | Interest rate, demand drive up investments in Mutual Funds to N2.8trn. | No slash in PMS price –NNPC Ltd. | Households battle to make ends meet as inflation bites. | LCFE seeks trading of crude oil in Nigeria. | Agric sector loans drop to lowest in two years. | Dollar consolidates ahead of inflation data; yen holds off 152 mark. | Oil prices advance as investors reassess US inventories data.
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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 | 28th March, 2024

The Nigerian equity market closed trading activities for the first quarter of the year positive, as the market performance indicators (NGX-ASI and Market Capitalization) grew by +0.27%. The market positive performance was a result of investor’s renewed buying appetite in some medium and large-scale stocks with good fundamentals, despite high inflation and interest rate. Consequently, the market index (All-Share Index) increased by 278.42 basis points today, representing a rise of +0.27% to close at 104,562.06, while the Market Capitalization also gained ₦157.43 billion, representing a growth of +0.27%, to close at ₦59.12 trillion.

Furthermore, market activities were up, as the Total Volume and Total Value traded for the day increased by +24.69% and +36.61% respectively. Approximately 623.08 million units valued at ₦16,954.92 million were transacted in 10,257 deals. ZENITHBANK was the most traded stock in terms of volume, accounting for 14.20% of the total volume of trades, followed by GTCO (12.65%), ACCESSCORP (9.12%), UBA (8.83%), and FIDELITYBK (8.16%) to complete the top 5 on the volume chart, while GTCO was the most traded stock in value terms, with 24.28% of the total value of trades on the exchange.

MORISON topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by IKEJAHOTEL with (+9.91%) growth, JBERGER (+9.73%), OMATEK (+9.72%), CAVERTON (+9.09%), AIICO (+8.57%), and thirty-two others. Sixteen (16) stocks depreciated, where FTNCOCOA was the top loser, with a price depreciation of -9.60%, as GUINEAINS (-7.89%), NGXGROUP (-6.75%), CHAMS (-1.92%), INTBREW (-3.68%), and DANGSUGAR (-2.07%) also dipped in price. In that regard, the market breadth closed positive, recording 38 gainers and 16 losers.

In addition, the market sector performance was positive, as four of the five major market sectors were up, led by the Insurance sector, which grew by (+2.61%), followed by the Banking sector by (+0.60%), the Industrial sector by (+0.12%), and the Consumer goods sector by (+0.09%). The Oil & Gas sector closed flat.

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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