BREAKING: Nigeria’s foreign trade fell to N11.6 trillion

Nigeria’s foreign trade totaled N11.59 trillion in the third quarter of 2022, a 9.7% decrease from the N12.84 trillion reported in the second quarter.

However, this is a 10.7% increase over the N10.47 trillion reported in Q3 2021. The National Bureau of Statistics’s recently issued report on foreign commerce includes the most recent statistic (NBS).

The sharp decrease in crude oil export revenues caused Nigeria’s foreign trade to reach its lowest point since the third quarter of last year. In particular, crude oil export dropped from N5.91 trillion in Q2 2022 to N4.66 trillion in Q3 2022, a 21.2% decrease.

Imports grew 6.2% from N5.34 trillion in the same time of 2021, while they increased by 4.2% quarter over quarter to N5.66 trillion in Q2 2022, compared to N5.44 trillion in Q2 2022.

Additionally, export decreased by 19.9% to N5.93 trillion in Q3 2022 from N7.41 trillion in Q2 2022, despite growing by 15.5% on an annual basis (Q3 2021: N5.14 trillion). Re-Exports were worth N25.04 billion in the third quarter of 2022, up 160.16% from the second quarter but down 86.07% from the third quarter of 2021. (N179.81 billion).

In the third quarter of 2022, Spain had a share of exports worth 14.72%, followed by India at 10.44%, France at 7.25%, and the Netherlands, and Indonesia at 7.09% and 7.00%, respectively.

READ MORE: Weekly Stock Update: Nigerian Exchange Group records 1.26% growth

NGX starts the week positive as investors gain N63 billion

As bulls regained control of the local stock exchange, trading on the floor of the Nigerian Exchange (NGX) ended today with a market capitalization increase of N63 billion.

The All Share Index (ASI), which closed at 48.270.23 points, gained by 0.24%. The market capitalization increased by N63 billion in the same vein.

The value of the stock market was N26.2 trillion as of Monday’s market close. The stock market has increased by 5553.79 basis points, or 13%, from the year’s beginning.

In the meantime, market breadth ended the day in the positive, with GUINNESS leading 19 gainers and GEREGU leading 16 losers.

Market Indices 

• NGX ASI: 48.270.23 points
• Previous ASI: 48.154.65 points
• Percentage Day Change: 0.24%
• % Y-t-D: 13%
• Market Cap: N 26,291trillion
• Volume: 645.02 million
• Value: N4.19billion
• Deals: 3,486

NGX Top ASI gainers 

• GUINNESS is up +10.00% to close at N69.30
• ETERNA is up +8.78% to close at N6.44
• ROYALEX up + 8.33% to close at N0.78
• LINKASSURE up +7.50% to close at N0.43
• PRESCO is up +6.64% to close at N120.50

NGX Top ASI losers 

• GEREGU down – 9.85% to close at N110.70
• SCOA down – 9.43% to close at N0.96
• THOMASWY down – 9.09% to close at N0.40
• RTBRISCOE is down – 7.41% to close at N0.25
• LASACO down – 4.49% to close at N0.85

Top 3 by Volume 

• FBNH – 83,791,609
• ENITHBANK – 11,505,328
• TRANSCORP – 10,461,174

Top 3 by Value 

• FBNH- N921,725,320
• ZENITHBANK – N258,541,944
• GEREGU- N256,576,002

Source: nairametrics.com