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The Nigerian equity market closed trading activities for today bullish to halt the market negative trend, as buying interest was witnessed on blue-chip stocks such as DANGCEM, FBNH and 21 others. The market YTD returns stood at +27.23%, as investors’ wealth was up by approximately ₦564.84 billion. The market index (All-Share Index) added 1,037.43 basis points today, representing an increase of +1.62% to close at 65,204.82. The Market Capitalization also gained ₦564.84 billion, representing a growth of +1.62%, to close at ₦35,483.72 trillion the previous day.
Furthermore, market activities were up, as the Total Volume and Total Value traded for today increased by +51.74% and +119.49% respectively. Approximately 361.20 million units valued at ₦5,743.64 million were transacted in 5,531 deals. FBNH was the most traded stock in terms of volume, accounting for 38.85% of the total volume of trades, followed by FIDELITYBK (5.97%), UNIVINSURE (5.18%), TRANSCORP (4.80%), and UBA (3.63%) to complete the top 5 on the volume chart, while FBNH was also the most traded stock in value terms, with 45.43% of the total value of trades on the exchange.
CHELLARAM topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by SCOA (9.35%), DANGCEM (+9.34%), THOMASWY (+9.32%), CORNERST (+9.09%), and eighteen others. Seventeen (17) stocks depreciated, where CAP was the top losers, with a price depreciation of -10.00% each, to close at ₦19.80, as ACADEMY (-9.36%), DANGSUGAR (-6.63%), GLAXOSMITH (-6.60%), CHAMS (-5.05%), and WEMABANK (-4.30%) also dipped in price. In that regard, the market breadth closed positive, recording 23 gainers and 17 losers.
In addition, the market sector performance closed positive, as three of the five major market sectors were up, led by the Industrial sector (+4.80%), followed by the Insurance sector (+0.60%), and the Banking sector (+0.19%), while the Consumer goods sector was down by (-0.55%). The Oil & Gas sector closed unchanged.
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Following the data published by NBS, the country’s GDP slowed down to 2.31% in Q1’2023 from 3.52% in the fourth quarter of 2022, sustaining the economic expansion to the tenth consecutive quarter after the –
3.62% contraction posted in Q3’2020. The Q1’2023 growth rate decreased by -1.21% points from 3.52% recorded in Q4’2022 due to cash crunch and fuel scarcity experienced during the quarter, and also
declined by 0.80% when compared to 3.11% recorded in Q1’2022.
Non-Oil Sector Contribution was up by 0.33% as Oil Sector Contribution Continues to Decline
As regards components contributing to the GDP, the Non-Oil contributed 93.79% to the GDP growth, which was 0.45% higher than 93.37% contribution in Q1’2022, but 1.95% lower than 95.66% contribution in Q4’2022. On the other hand, the Oil contribution to the GDP grew by 43.07% to 6.21% in Q1’2023 as against 4.34% in Q4’2022, due to increase in Crude oil production in the quarter under review.
In terms of growth, the non-Oil components dropped by 167 basis point to 2.77% in Q1’2023, as against 4.44% in Q4’2022. Also, the real growth in the Oil
component of the GDP stood at -4.21% in Q1’2023, which represent an increase by 9.18% points relative to the rate recorded in Q4’2022. The growth recorded in the oil sector was buoyed by increase in average daily oil production. The average daily oil production (1.51mbpd in Q1’2023) was higher than the daily average crude oil production of 1.49mbpd recorded in the same quarter of 2022, but 0.17mbpd higher than the Q4’2022 production volume of 1.34mbpd.
Services records the highest contribution to the GDP as Agricultural Sector recedes
The Agricultural sector recorded a negative growth rate of -0.90% in the quarter under review despite significant government investments in agricultural interventions. This can be majorly attributed to the scarcity of foreign exchange and naira crunch in the quarter under review, alongside existing issues such as disruption in food supply caused by the RussianUkraine war, Flooding, Insecurities, rise in global oil prices, amidst others. It also decreased by 406bps when compared to the corresponding period of 2022.
Furthermore, the sector contributed 21.66% to the overall GDP in real terms in Q1’2023, which is lower than its contribution in Q4’2022 (26.46%), and also lower than its contribution in the first quarter of 2022 (22.36%).
The Industrial sector grew by 125bps to +0.31% in Q1’2023 in real terms, compared to –0.94% contraction witnessed in Q4’2022, as the sector records a positive growth since Q2 2021, buoyed 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 up to 21.05% in Q1 2023 from 17.27% in Q4 2022, but down by -0.42% points when compared 21.47% contribution in Q1 2022.
