By Nkiruka Nnorom
The equities market, yesterday, rose by 0.24 per cent following the release of a positive Gross Domestic Product,GDP, figure by the National Bureau of Statistics, NBS, indicative of further expansion in the economy.
The numbers released by NBS showed that the economy expanded by 1.4 per cent at the end of quarter three, Q3, 2017, the second consecutive positive growth in the GDP recorded in Q2’17 when the economy expanded by 0.72 per cent.
A spike in the oil sector, which rose by 25.9 per cent year-on-year , y/y compared to 3.5 per cent growth in Q2’17, supported the overall GDP growth. The agriculture sector remained resilient at +3.0 per cent y/y.
However, the non-oil sector contracted by 0.8 per cent from +0.5 per cent in Q2’17. The manufacturing sector also declined by 2.9 per cent y/y from +0.6 per cent growth in Q2’17 even as trade saw a negative growth of -1.7 per cent worse than -1.6 per cent in Q2’17. In the same vein,the finance and Insurance declined by 6.0 per cent, slipping back into negative from 10.5 per cent in Q2’17.
Consequently, the Nigerian Stock Exchange, NSE All Share Index, ASI, which measures activities on the stock market appreciated by 0.24 per cent to 36,792.60 points from 36,703.58 points at the close of trading on Friday. Similarly, the market capitalization appreciated by N4 billion or 0.24 per cent to close at N12.81 trillion from N12.774 trillion as at Friday, November 17, 2017.
Gains in PZ Cussons Nigeria Plc, NASCON Allied Plc, FBN Holdings Plc, Nestle Nigerian Plc, United Bank for Africa, and Zenith Bank Plc, which rose by 10.23 per cent, 9.59 per cent, 1.45 per cent, 0.39 per cent, 0.21 per cent and 3.57 per cent respectively was mainly responsible for the upsurge recorded in the index.