DAB Investment Consulting LimitedLeading Stock Brokerage Firm in Nigeria
DAB Investment Consulting Limited
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 today’s trading on a negative note, as the market performance indicators (NGX-ASI and Market Capitalization) both declined by 1.47%. This sustained the downtrend from the previous days, fueled by significant sell-offs in some blue-chip stocks such as DANGCEM, TRANSPOWER and 37 other equities. As a result, investors’ wealth diminished by a substantial ₦2.09 trillion over four successive trading sessions. Specifically, the market index (All-Share Index) reduced by 1,526.14 basis points today, representing a drop of -1.47% to close at 102,095.95. Similarly, the Market Capitalization also lost ₦930.62 billion, representing a decline of -1.47%, to close at ₦62.26 trillion.
Furthermore, market activities were down today, as the Total Volume and Total Value trades dropped by 14.79% and 25.99% respectively. Approximately 435.54 million units valued at ₦9,442.36 million were transacted across 12,098 deals. In terms of volume, UNIVINSURE led the activity chat, accounting for 16.44% of the total volume of trades, followed by AIICO (9.28%), ACCESSCORP (3.94%), LIVESTOCK (3.93%), and NB (3.79%), rounding out the top five. ARADEL emerged as the most traded stock in value terms, with 9.62% of the total value of trades on the exchange
DANGSUGAR, NASCON, and SUNUASSUR topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by SKYAVN with (+9.95%) growth, AUSTINLAZ (+9.94%), NEIMETH (+9.84%), NNFM (+9.76%), ACADEMY (+8.39%) and twenty others. Thirty-nine (39) stocks depreciated, where DANGCEM and UNIVINSURE were the top losers, with a price depreciation of -10.00% each, as TRANSPOWER (-9.97%), REGALINS (-9.64%), AFRIPRUD (-8.06%), VITAFOAM (-3.81%), and GTCO (-1.04%) also dipped in price. In that regard, the market breadth closed negative, recording 28 gainers and 39 losers.
However, the market sectoral performance was positive today, as three of the five major market sectors were up, led by the Consumer goods sector which grew by (0.99%), followed by the Oil & Gas sector by (0.15%), and the Banking sector by (0.02%). The Industrial and Insurance sectors dipped by 4.70% and 3.47% accordingly.
Following the data published by NBS, the country’s GDP stood at 3.46% in Q3’2024, a growth of 27 bps when compared to 3.19% recorded in the second quarter of the year. Furthermore, the growth rate in the third quarter of the year increased by +0.92% points, when compared to 2.54% recorded in Q3’2023. The country maintained a positive growth rate in third quarter of the year despite different macro and microeconomic headwinds.
Non-Oil Sector Growth Rate Up by 57bps
As regards components contributing to the GDP, the Non-Oil sector contributed 94.43% to the GDP growth, which was 0.14% higher than 94.30% contribution in Q2’2024, but 0.10% lower than 94.52% contribution in Q3’2023. On the other hand, the Oil contribution to the GDP declined for the second successive quarter by 2.39% to 5.57% in Q3’2024 as against 5.70% in Q2’2024, despite an increase in Crude oil production in the quarter under review.
In terms of growth, the non-Oil components grew by 57 basis point to 3.37% in Q3’2024, as against 2.80% in Q2’2024. Whereas, the real growth in the Oil component of the GDP stood at +5.17% in Q3’2024, which represent a decrease of 4.98% points relative to +10.15% recorded in Q2’2024. The country’s crude oil production averaged 1.47mbpd in Q3’2024, which was higher than the daily average crude oil production of 1.45mbpd recorded in the same quarter of 2023, and also 0.07mbpd higher than the Q2’2024 production volume of 1.41mbpd.
Agricultural Sector Growth Dropped by 0.27% q/q
Agricultural sector recorded a positive growth rate of 1.14% in Q3’2024, but was 0.27% point lower than 1.41% recorded in Q2’2024, and also 0.15% point lower than 1.30% recorded in the third quarter of the previous year, as Flooding, insecurity, and low-level of mechanized farming continues to draw back the agricultural sector. Also, the sector contributed 28.65% to the overall GDP in real terms in Q3’2024, which was higher than its contribution in Q2’2024 (22.61%), but lower than its contribution in the third quarter of 2023 (29.31%).
The Industrial sector declined by 135bps to 2.18% in Q3’2024 in real terms, compared to a growth of +3.53% witnessed in Q2’2024, due to the volatility in the exchange rate, high inflation rate and high lending rate. Furthermore, the sector’s contribution to GDP was down to 17.77% in Q3 2024 from 18.62% in Q2 2024, and also down by 0.22% points when compared 18.00% contribution in Q3 2023.