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.
The Nigerian equity market closed the week on a positive note, as key performance indicators “the NGX-ASI and the Market Capitalization” recorded a gain of 0.22%. The market sustained its upward momentum, bolstered by strong buying interest in large and mid-cap stocks across major market sectors. Notably, the Insurance sector led the charge, posting an impressive 1.10% daily gain. Consequently, investors wealth appreciated by ₦614 billion over the course of the week. On a week-onweek basis, the NGX-ASI rose by 0.90%, reflecting sustained bullish sentiment among investors. Specifically, the market index (All-Share Index) added 242.50 basis points in today’s trading session, reflecting a 0.22% increase to close at a new ALL-TIME HIGH of 109,710.14 points. Likewise, the Market Capitalization also gained ₦152.54 billion, representing a growth of 0.22%, bringing the total value of listed equities to ₦68.95 trillion.
Nevertheless, market activities were down today, as the Total Volume and Total Value of trades dropped by 41.25% and 38.52% respectively. Approximately 428.83 million units valued at ₦8,533.01 million were transacted across 16,338 deals. In terms of volume, ACCESSCORP led the activity chat, accounting for 7.48% of the total volume of trades, followed by GTCO (7.21%), AIICO (6.75%), UNIVINSURE (5.84%), and CHAMS (5.56%), rounding out the top five. GTCO emerged as the most traded stock in value terms, with 24.45% of the total value of trades on the exchange.
HONYFLOUR, CHAMPION, TRANSEXPR and NNFM topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by BETAGLAS with (+9.99%) growth, LASACO (+9.91%), MCNICHOLS (+9.84%), NEIMETH (+9.79%), BERGER (+9.79%) and twenty-seven others. Twenty (20) stocks depreciated, where INTENEGINS was the top loser, with a price depreciation of -9.57%, as MULTIVERSE (-9.55%), REGALINS (-6.78%), TANTALIZER (-3.36%), VERITASKAP (-1.87%), and OANDO (-0.95%) also dipped in price. In that regard, the market breadth closed positive, recording 36 gainers and 20 losers.
In addition, the market sectoral performance was positive, as four out of the five major market sectors were up, led by the Insurance sector, which grew by (1.10%), followed by the Consumer goods sector, appreciated by (0.46%), the Banking sector by (0.44%), and lastly the Industrial sector with a growth of (0.43%). The Oil & Gas sector recorded a loss of 0.18%.
Kindly click on the research section (Daily Market Report) of this website to view the full report.
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.
