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The Nigerian equity market closed the week on a positive note, as key market performance indicators (the NGX-ASI and Market Capitalization) both appreciated by 0.02%. The uptrend was fueled by persistent buying interest in some major sectors, coupled with bargain hunting in selected medium and large-scale stocks such as ACCESSCORP, FCMB, ARADEL, ELLAHLAKES, among others. Specifically, the market index (All-Share Index) added 32.42 basis points, reflecting a 0.02% increase to close at 147,111.44 basis points. Likewise, the Market Capitalization gained ₦20.61 billion, representing a growth of 0.02%, settling at ₦93.50 trillion. Despite the positive close for the day, the market posted a negative performance on a week-on-week basis. The NGX-ASI dropped by -1.68%, while investors’ wealth reduced by approximately ₦1.49 trillion.
Additionally, the Total Volume of trades increased by +745.53% while the Total Value traded rose by +91.04%%. Approximately 4,898.69 million units valued at ₦42,249.82 million were transacted across 24,152 deals. Concerning volume traded, ACCESSCORP led the chart by generating 19.84%, followed by STERLINGNG (11.55%), FIDELITYBK (9.44%), FCMB (8.61%), and STANBIC with 5.99%. On value traded, STANBIC generated 20.74%% of the total value of trade, thereby making it the highest traded on the exchange.
Furthermore, PRESTIDE topped the best performer’s chart by generating +9.84%, then trailed by NCR (+9.64%), ASOSAVINGS (+9.57%), GUINEAINS (+9.57%), TIP (+8.81%), RTBRISCOE (+7.99%), and twenty-five others. A total of twenty-nine (29) stocks depreciated. On the worst performers’ chart, UNIONDICON took the lead with a price depreciation of -10.00%, followed by TRIPPLEG (-9.98%), ABCTRANS (-9.91%), REGALINS (-9.60%), SOVRENINS (-7.32%), and CAVERTON (-6.00%), Hence, the market breadth closed on a positive note as there were 31 gainers and 29 losers.
Finally, the market sectoral performance was positive today as three out of the five major market sectors increased. The Industrial goods sector led by an increase of +1.39%, followed by the Oil & Gas sector (+0.09%), and the Consumer goods sector (+0.06%). On the other hand, the Banking sector declined by -1.40% and the Insurance sector (-0.05%).
Following the rebased data published by NBS, the country’s GDP stood at 3.13% in Q1’2025, representing a 63bps decline from the 3.76% recorded in Q4 2024. However, on a year-on-year basis, the growth rate in the first quarter of the year reflects an improvement of 86bps when compared to the 2.27% recorded in Q1’2024. The sustained positive trajectory in Q1 2025 was driven by the gradual easing of key macro/micro economic constraints.
Non-Oil Sector Growth and Contribution Decline slightly
The non-oil sector contributed 96.03% to total GDP in Q1 2025, a decrease from 97.20% in Q4 2024 but marginally higher than 95.98% recorded in Q1 2024. Conversely, the Oil sector’s contribution rose by 117bps to 3.97% in Q1 2025, up from 2.80% in the preceding quarter. This increase was largely driven by improved crude oil production.
In terms of growth, the non-Oil sector slowed by 61bps, recording a growth rate of 3.19% in Q1 2025, compared to 3.80% in Q4 2024. Similarly, the Oil sector recorded real GDP growth of 1.87%, down by 21bps compared to 2.08% in Q4 2024. The country’s crude oil production averaged 1.62mbpd in Q1’2025, which was higher than the daily average crude oil production of 1.57mbpd recorded in the same quarter of 2024, and also 0.08mbpd higher than the Q4’2024 production
volume of 1.54mbpd.
Agricultural Sector Growth Dropped Due to Flooding and Insecurity
Agricultural sector posted a marginal real growth rate of 0.07% in Q1 2025, an improvement of 185bps from -1.79 contraction recorded in Q1 2024. However, the sector’s performance declined sharply compared to Q4 2024, when it grew by 2.54%, representing a 248bps drop. The slowdown was primarily attributed to flooding, insecurity, and persistent post-harvest losses. Also, the sector contribution to the GDP dropped, standing at 23.33% in Q1 2025, which is 535bps lower than Q4 2024 and 71bps lower than Q1 2024.
