Latest News | May 22, 2024
Foreign Reserves Increased by $520m in One Month to $32.6bn. | Fund to raise N20.24b for new investments in infrastructures. | Petrol: Marketers fret as depot price rises to N710/liter in Lagos. | Ecobank grows profit after tax by 249%. | Forex loan conversion increases core investor’s stake in Cadbury Nigeria to 79.4%. | MPR: Access, GTCO, UBA Others’ Interest Income Up 121.3% to N1.64tn. | Naira appreciates to N1,470/$ in parallel market. | Nigeria on voicemail as investors answer Angola’s call with $50bn. | 26.25% interest rate: Private sector fears loan repayment crisis. | Oil slips for third session on likely ‘higher for longer’ US rates. | Asia stocks up on high hopes for Nvidia, NZ dollar jumps.
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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 | 22nd May, 2024

The Nigerian domestic market closed trading activities for today negative, as the market performance indicators (NGX-ASI and Market Capitalization) dropped by – 0.16%. Sell-off witnessed in some major market sectors can be attributed to market downturn in reaction to the recent rate hike, as investors safe-haven sentiment shifts to other asset classes. Consequently, market index (All-Share Index) decreased by 157.33 basis points today, representing a drop of -0.16% to close at 98,128, while the Market Capitalization also lost ₦89 billion, representing a decline of -0.16%, to close at ₦55.51 trillion.

However, market activities were up, as the Total Volume and Total Value traded for today increased by -+21.90% and -6.56% respectively. Approximately 271.71 million units valued at ₦5,434.99 million were transacted in 7,383 deals. ACCESSCORP was the most traded stock in terms of volume, accounting for 13.11% of the total volume of trades, followed by ZENITHBANK (13.03%), GTCO (12.90%), UBA (11.53%), and TRANSCORP (9.37%) to complete the top 5 on the volume chart, while GTCO was the most traded stock in value terms, with 24.81% of the total value of trades on the exchange.

TANTALIZER topped the advancers’ chart for today with a price appreciation of 8.00 percent, trailed by WAPIC with (+7.81%) growth, OMATEK (+7.69%), JBERGER (+7.19%), WAPCO (+4.48%), OANDO (+3.96%), and nine others. Twenty-two (22) stocks depreciated, where TIP was the top loser, with a price depreciation of -10.00%, as CORNERST (-9.52%), ROYALEX (-8.33%), NGXGROUP (-5.15%), ZENITHBANK (-4.62%), and DANGSUGAR (-0.12%) also dipped in price. In that regard, the market breadth closed negative, recording 15 gainers and 22 losers.

In addition, the market sector performance was par, as two of the five major market sectors were up, led by the Industrial sector, which grew by (+0.18%), and the Consumer goods sector by (+0.02%), while the Banking and Insurance sectors were down by -2.01% and -0.87% accordingly. 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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