Latest News | April 13, 2024
Aviation Fuel Price Crash Imminent as Dangote Refinery Begins Supply of Petroleum Products. | Air Peace’s expansion, naira rebound deepen competition on international routes. | Zenith Bank caps 2023 with triple-digit growth. | DFC okays $697m for projects in Nigeria, others. | Financial institutions lose $12bn to cyber attacks in 20 years — IMF. | How EFCC Raised NLTF Remittance Inflows to N2.1bn. | Six banks shareholders get N366bn dividends –Report. | GTCO posts N609.3bn profit in 2023. | Nigeria loses top spot to Libya as oil output dips. | Power generation drops 32.31% to 2,775MW. | Zenith Bank takes steps on new capital requirement. | Debt servicing to gulp 14% of government revenues in Nigeria, others by 2024-IMF. | Stocks muted, gold at new peak as markets weigh Fed cut timing. | Oil rebounds as Mideast tensions persist, but set for weekly loss.
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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 | 12th April, 2024

The Nigerian equity market resumed trading activities after the Eid El-Fitr Holiday bearish, extending the market negative sentiment to six consecutive trading days, as the market performance indicators (NGX-ASI and Market Capitalization) dropped by -0.71%. The local market continued from where it stopped before the holiday, as sell-off was dominant in all the major market sectors, led by the Banking sector, which decline by -4.67%. Consequently, the market index (All-Share Index) decreased by 732.67 basis points today, representing a decline of -0.71% to close at 102,314.56, while the Market Capitalization also lost ₦412.14 billion, representing a drop of -0.71%, to close at ₦57.86 trillion.

However, market activities were up, as the Total Volume and Total Value traded for the day increased by +198.56% and +569.96% respectively. Approximately 734.04 million units valued at ₦21,585.48 million were transacted in 12,491 deals. UBA was the most traded stock in terms of volume, accounting for 20.30% of the total volume of trades, followed by ZENITHBANK (18.52%), GTCO (13.47%), TRANSCORP (9.74%), and ACCESSCORP (6.04%) to complete the top 5 on the volume chart, while ZENITHBANK was the most traded stock in value terms, with 25.41% of the total value of trades on the exchange.

TRANSCORP topped the advancers’ chart for today with a price appreciation of 9.93 percent, trailed by MORISON with (+9.87%) growth, OANDO (+9.61%), CAVERTON (+8.54%), DEAPCAP (+7.94%), FIDELITYBK (+7.53%), and six others. Thirty-five (35) stocks depreciated, where DANGSUGAR and GTCO were the top losers, with a price depreciation of -10.00% each, as FLOURMILL (-9.87%), FTNCOCOA (-8.82%), ETERNA (-7.85%), ACCESSCORP (-6.76%), and ZENITHBANK (-3.73%) also dipped in price. In that regard, the market breadth closed negative, recording 12 gainers and 35 losers.

In addition, the market sector performance was negative, as all the five major market sectors were down, led by the Banking sector, which dropped by (-4.67%), followed by the Insurance sector by (-2.45%), the Consumer goods sector by (-1.07%), the Oil & Gas sector by (-0.28%), and the Industrial sector by (-0.23%).

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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This is to inform the public that Atlass Portfolio Limited is a trading license holder with the Nigerian Exchange Group and licensed by the Securities & Exchange Commission (SEC) to perform and provide stockbroking-related products and services as approved by the Securities & Exchange Commission (SEC).
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Atlass Portfolio Limited has never portrayed itself as an investment company outside the scope of stock trading, nor a company that carries out investment transaction in order to offer interest on deposits. We strongly advise the public to be wary of any other information contrary to the above.
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