Investment in the banks listed on the Nigerian Stock Exchange declined on Monday as the shares tumbled by 0.9 per cent due to profit-taking and sell-offs witnessed in Guaranty Trust Bank Plc and United Bank for Africa Plc.
The market opened the week on a bearish note as the All Share Index declined by 0.46 per cent from 31,678.70 on Friday to close at 31,553.50 basis points on Monday, while the market capitalisation dropped from N11.565tn recorded on Friday to N11.512tn on Monday.
The volume and value traded reduced by 53.2 per cent and 26.1 per cent to 104.87 million units and N1.94bn, respectively, while the year-to-date return declined to -17.4 per cent.
The top traded stocks by volume were Unilever Nigeria Plc (20.38 million units), Zenith Bank Plc (14.47 million units), Interlinked Technologies Plc (9.53 million units), First City Monument Bank (7.26 million units) and Diamond Bank Plc (5.89 million units).
The top traded stocks by value were Unilever (N804.9m), Zenith Bank (N347.4m), Dangote Cement Plc (N286.7m), Seplat Petroleum Development Company Plc (N68.51m) and GTB (N64.94m).
At the end of trading on the floor of the Exchange on Monday, 17 gainers emerged against 18 decliners.
Of the 18 losers recorded, 10 banks were listed. They are Diamond Bank, Unity Bank Plc, UBA, Wema Bank Plc, GTB, Access Bank Plc, FBN Holdings Plc, FCMB, and Zenith Bank Plc.
The performance across sectors was largely bearish as three of the five indices close negatively.
The Banking index was the highest loser, followed by the Consumer and Industrial Goods indices, which shed 0.7 per cent and 0.1 per cent, respectively as a result of losses in Nigerian Breweries Plc and Lafarge Africa Plc.
On the flip side, the Insurance index gained 0.6 per cent due to the positive performances recorded in shares of Continental Reinsurance Plc and Aiico Insurance Plc.
Similarly, the Oil & Gas index advanced 0.1 per cent on the back of bargains in Oando Plc.
Investor sentiment weakened as the market breadth was pegged at 0.9x.
The top five losers were Diamond Bank Plc, A.G. Leventis Nigeria Plc, Ikeja Hotel Plc, Unity Bank Plc and Veritas Kapital Assurance Plc.
Diamond Bank saw its share price drop by 9.47 per cent to close at 86 kobo as its year-to-date return settled at -42.67 per cent.
A.G. Leventis’ share price declined by 9.09 per cent to close at 30 kobo, while its year-to-date return settled at -57.14 per cent.
Ikeja Hotel, whose year-to-date return settled at -14.04 per cent, saw its share price decline by 8.38 per cent to close at N1.53.
An 8.24 per cent decline was recorded in the share price of Unity Bank as it closed at 78 kobo per share, while its year-to-date return settled at =47.17 per cent.
Veritas Kapital’s share price, recording an eight per cent decline, dropped to 23 kobo per share as its year-to-date return settled at -54 per cent.
The top five gainers were P Z Cussons Nigeria Plc, GLAXO SMITH Kline Plc, CAP, Prestige Assurance Plc and Jaiz Bank Plc.
Analysts at Afrinvest Securities Limited said, “Although market performance was negative today, we expect bargain hunting in subsequent sessions.”
Vice President and Treasurer, World Bank, Ms. Arunma Oteh yesterday urged the African Securities Exchanges Association (ASEA) to ensure listing the of 44,000 Small and Medium Enterprises (SMEs) out of 44 million operating on the continent.
Oteh, who is a former Director-General of the Securities and Exchange Commission (SEC), made the call while speaking at the 22nd ASEA annual general meeting and conference hosted by the Nigerian Stock Exchange, (NSE) in Lagos.
According to her, the exchanges must nature and ensure listing of these firms on their various bourses as part of efforts to deep the markets in Africa.
Oteh, explained that SMEs are strong drivers for economic growth and development, saying that their major challenge is access to finance.
She said that African needed to build infrastructure and diversify economies beyond commodities and natural resources extraction.
Oteh said: “If we focus in areas of opportunities that abound whether in agriculture, services, retail, technology, particularly emerging technology, financial services, and hospitality, sustainability will be more granted. We must also foster innovation and entrepreneurship and I believe that securities exchanges are the epicentre of the ecosystem,” she said.
She stated that various emerging markets and Africa were still struggling with more difficult financial conditions, debt burden concerns, and weak commodity prices, among others.
“I will say that the greatest challenges of our time are extreme poverty, inequality, climate change, protectionism, populism, anti-globalisation, ethnic sentiment and uncertainty over the impact of disruptive technologies,” Oteh said.
In his address, President of ASEA, Mr. Oscar Onyema, said that strategic relationships of the association had resulted in grants worth approximately $1.2 million from the Financial Sector Deepening (FSD) Africa and the Korea-Africa Economic Cooperation (KOAFEC) fund via the Africa Development Bank (AfDB).
Onyema, who is also the Chief Executive Officer of Nigerian Stock Exchange (NSE), said that the grants received to date were targeted at the African Exchanges Linkage Project (AELP), ASEA secondment programme, information portal and annual conferences.
“These programmes are critical levers of success for ASEA and we aim to continue to broaden and deepen our relationships in order to create increasing value for members and the African financial market.
“To this end, tomorrow we will officially sign a memorandum of understanding with the World Federation of Exchanges (WFE). I will like to thank the WFE and we look forward to working with the Federation on many initiatives.
“To ensure we deliver value for members and partners, we created a five year strategy running from 2019 – 2023 which will provide a structured approach to delivering on our initiatives.
Shareholders of May & Baker Nigeria Plc have only three days to take up their rights and increase their stake in the pharmaceutical manufacturing firm.
The company is raising N2.45 billion in new equity funds through a rights issue of 980 million shares of 50 kobo each at N2.50 per share to existing shareholders.
While application list had opened on Monday October 22, 2018 and is scheduled to close on Wednesday November 28, 2018, there are no indications on possible extension of the application period.
As the closure date approaches, the Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, has urged shareholders to take advantage of the rights issue and position themselves in order to be able to reap the full benefits of their investments in the company.
Citing the third quarter results and growth outlook of the healthcare company, Okafor said recent strategic investments and new growth initiatives being undertaken by the company would boost returns in the years ahead.
He said the company would pay dividend on the new ordinary shares to be issued through the rights issue, despite the fact that the net proceeds of the rights issue will be received towards the end of current business year.
Okafor said while the impact of the recapitalisation will become visible in the 2019 business year, the company will pay dividend for the 2018 business year on the old and new shares to be issued.
He said the net proceeds of the rights issue will be invested in some key projects including N400 million to finance part of the company’s equity in Biovaccines Nigeria Limited, the joint venture company for local vaccine production and over N500 million on capacity expansion for one of its cash cow products, paracetamol for which it is building a dedicated plant. He added that the company will also use N400 million to offset part of its current loan portfolio of N950 million while N500 million will be invested in marketing and brand building.
“We derive our confidence mainly from the pedigree, performance track records and strategic plans of the company which we believe should appeal to all discerning investors. The new funds will be used to strengthen their investments and make the company more profitable,” Okafor said.
The Acting Director-General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has charged investment advisory practitioners in the country to embrace emerging technologies in order to enable them deliver prompt and efficient investment advice to their clients at all times.
Uduk, gave the advice in Lagos recently, while delivering a keynote address at the 2018 Investment Advisers and Portfolio Managers (IAPM) forum/launch of Association of Corporate and Individual Investment Advisers (CIIA), with the theme: “The Future of Investment Advisory.”
She stressed that organisational success was largely dependent on a firm’s ability to adopt strategic approach to the changes and disruptions in the industry.
She also stated that that the future of the Nigerian investment advisory industry was dependent on the capacity of its stakeholders to confront and overcome the challenges plaguing it.
Uduk said: “Technology is fast remodelling financial activities. It is for this reason that you all will agree that a critical factor for the future of investment advisory in Nigeria is the use of technology for advice delivery.
“The import of technology to the investment advisory industry has been announced with the emergence of robot advisory and it is expected that in the near future, artificial intelligence will quickly take over numerous investment advisory roles.
“Technology has also improved client-adviser relationship in multiple ways. Since we all acknowledge that technology is a major game-changer for the industry, it is expected that investment advisers will fully embrace technology to improve their service delivery.
“This combination and acceptance of technology is very vital for the future of the industry. Furthermore, as the appetite for investible instruments by investors increases, the demand for financial advisers will certainly increase.
“To keep pace with this industry growth, there is need to attract, train and integrate the next generation of investment advisers, who will not only advise but equally help in the digitalisation process of the industry.”
Uduk, who noted that the bedrock of every industry was subject to an evolving body of knowledge, added that the objectives of IAPM stood out as a model that would establish top-notch educational and training programmes for the production of credible and seasoned investment advisory practitioners.
According to her, such trained practitioners would be able to deliver qualitative services that align with customers’ expectations and satisfaction, thereby building investors’ confidence.
Also in his remark, the President of the Nigerian Stock Exchange (NSE), Mr. Abimbola Ogunbanjo, said the AIPM had over the years responded positively to the changes in the industry to meet the needs of its members and bring stability to the Nigerian financial system and wider economy.
He stated that the enactment of the Pension Reform Act 2014 had put the Nigerian pension industry as one of the fastest growing industries in the country, saying it climbed from N265 billion in 2006 to N8.14 trillion pension assets as at 2018.
“This exponential growth is a pointer to the nation’s growing interest and awareness on pension matters,” he said.
Earlier in his welcome address, the President of IAPM, Prince Abimbola Olashore, said the CIIA which is the trade group arm of the IAPM would focus on the standardisation of the practice of investment advisory and self-regulatory engagements.
“Its major responsibility as an association is to put in place standards and ethical behaviour that will restore investors’ confidence in the market,” he explained.
The Chartered Institute for Securities & Investment (CISI) has entered into a new partnership with The Nigerian Stock Exchange (NSE) to provide trainings for CISI’s qualifications in Nigeria, under the auspices NSE’s X-Academy.
Based in London, CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.
The NSE said in a statement that the partnership will result in CISI accrediting X-Academy as its training partner in Nigeria for qualifications including the International Introduction to Securities & Investment (IISI), International Certificate in Wealth & Investment Management and Certificate in Derivatives. X-Academy will be offering both face-to-face and online training for these qualifications.
The CISI is the 45,000 strong, global not-for-profit professional body with members in over 100 countries. It has been working in Africa since 2012 offering exams and membership across the continent, with regulatory approval for its examinations in eight countries. It opened its first African office in Kenya in June. Over the last 18 months almost 3,500 CISI examinations have been sat in Africa, making it CISI’s fastest growing market. The CISI is an Associate Member of the Africa Securities Exchanges Association (ASEA) in a partnership which aims to promote professionalism and develop channels for capacity building and knowledge sharing to support the growth of the capital markets profession in Africa.
Assistant Director, CISI Global Business Development, Helena Wilson said: “We are delighted to partner with the NSE to provide training for CISI’s internationally recognised qualifications in Nigeria, supporting the development of human capital within the fast-growing Nigerian capital markets. CISI qualifications are fast becoming a benchmark across Africa, and this partnership is symbolic of Nigeria’s growing influence both within Africa and on the global stage.”
Chief Human Resource Officer of NSE, Pai Gamde, said: “This partnership is a testament to the years of investment we have made in pushing the boundaries of financial education and stimulating investors’ participation in the Nigerian capital market. In 2017, we launched X-Academy to offer our ecosystem a blended learning approach and the curriculum across CISI programs reflects the same intent. We are quite excited about this development and we look forward to a long lasting relationship with CISI.”
Meanwhile, trading at the stock market closed in the positive territory with a growth of 0.03 per cent as the NSE All-Share Index closed at 32,152.90. Also, market capitalisation added N3.5 billion to be at N11.7 trillion.
The Securities and Exchange Commission (SEC) has restated its commitment to further educate and enlighten investors in the Nigerian capital market to enhance their ability to make informed investment decisions.
The Acting Director General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk stated this at the planning and writing workshop for the development of Capital Market Studies Curriculum (CMSC) for Basic and Senior Secondary Schools levels held in Lagos yesterday.
Uduk said that the commission has been in the vanguard of inculcating financial literacy for quite a long time because the SEC has realised that it is very important for students to imbibe the culture and habit of being financial literate and to be familiar with the operations of the capital market.
“This partnership with the Nigerian Educational Research and Development Council (NERDC), to actualise this ground breaking capital market literacy programme, is part of the SEC’s effort at vigorously pursuing the implementation of one of the essential initiatives of the 10-year Nigerian Capital Market Master Plan,” he said.
The DG said the implementation programme kick-started with the signing of a Memorandum of Understanding between the commission and the NERDC in 2016, to develop a Standalone Capital Market Studies (CMS) curriculum for infusion into Basic and Senior Secondary Schools.
“I am happy to announce that, after a successful workshop for contents selection, the stage is now set for the planning and writing of the standalone curriculum.The commission recognises the efforts required for other stages of the programme and remain confident that with the active support and commitment of our stakeholders we will complete this project,” she stated.
In his address, Executive Secretary, (NERDC) Prof. Ismail Junaidu said the capital market connects the financial sector with the real sector of the economy and in the process, facilitates real sector growth and economic development.
He added that this increases the proportion of long term savings that are channelled to long term individuals/households and channels them into long term investments and fulfils the transfer of current purchasing power from surplus sectors of the economy to deficit sections.
Junaidu, described capital market education as a strategic imperative which requires a comprehensive curriculum run by competent academic and professional personnel adding that early involvement of the youth in Capital Market Studies could derive profit, growth and perhaps be the much sought antidote to over dependence on paid employments was one of the reasons the SEC approached NERDC to mainstream capital market issues into the national curriculum.
The Nigerian equities market recorded a positive performance last week as it recovered part of the losses suffered the preceding week.
The development followed renewed buy interest in bellwether stocks, which led to the Nigerian Stock Exchange All-Share Index (NSE ASI) rising 0.23 per cent to close at 32,200.21, compared to a decline of 2.38 per cent the previous week.
In spite of the corporate earnings for the nine months ended December 31, 2018, that showed relative improvement, the market had closed in the bear territory two weeks ago.
However, a renewed buy Interest in bellwethers such as Nestle Nigeria Plc, Seplat and Nigerian Breweries Plc reversed the negative trend. While the NSE ASI rose 0.23 per cent, market capitalisation added N27.5 billion to close at N11.756 trillion.
Similarly, all other indices finished higher with the exception of the NSE Banking, NSE Insurance, NSE Industrial Goods and NSE Pension Indices that finished lower by 0.47 per cent, 1.90 per cent, 3.81 per cent and 0.31 per cent respectively.
But analysts at Cordros Capital Limited noted that despite recent gains, outlook for the market remained negative in the short to medium term, amidst political concerns surrounding the 2019 elections, and absence of a positive market trigger. “However, positive macroeconomic fundamentals remain supportive of recovery in the long term,” they added.
In the United States (US), the midterm elections impacted positively on the markets.
According to Afrinvest (W.A), the outcome of the elections triggered a global equities rally as the Democratic Party won control of the House of Representatives for the first time in eight years, although markets later pared gains towards the end of the week.
The implication of the election outcome was that the House would exercise more oversight over President Trump’s decisions, which could potentially result in some measure of calm, especially as it relates to global relations.
However, this could also mean further divisiveness and conflict that would eventually result in slow paced reforms and decision making, which are a bad signal for investors.
The performance of developed markets was largely bullish, even as sell offs increased at the end of the week, due to fears of a further interest rate hike by the US Federal Reserves. In the US , the S&P 500 closed higher by 3.1 per cent and the Nasdaq Composite was up by 2.4 per cent However, Hang Seng was the only index that recorded a decline (-3.7per cent) because of the expected FED interest rate hike and a slowing economy.
Across markets in BRICS, only two of five indices were up. Brazil’s Ibovespa had the worst return at -3.2 per cent , followed by China with a decline of 2.9 per cent . In view of the ongoing trade war with the US, China is offering tax breaks and more financing to support private sector companies affected by the trade tensions, as well as a slowing economy. Similarly, South Africa’s FTSE/JSE All-Share was down by 1.9 per cent. On the other hand, Russia RTS and India’s BSE Sens Indices recorded positive performances, increasing 0.5 per cent W-o-W respectively.
In Africa, there was a bullish performance as four of six markets tracked recorded gains. Egypt’s EGX30 had the best return with a gain of 4.0 per cent W-o-W, followed by Morocco’s Casablanca MASI which increased 1.4 per cent while Mauritius SEMDEX increased by 0.4 per cent. Ghana’s GSE Composite and Kenya NSE-20 declined by 1.1 per cent and 0.4 per cent respectively.
In Asia and Middle East, there was a bearish performance as four of the five markets recorded negative returns due to expectations of an interest rate hike by the US Fed. UAE ADX General Index was worst hit, sliding 2.1 per cent, trailed by Turkey’s BIST 100 Index which declined 1.2 per cent while Thailand SET and Qatar DSM 20 Indices declined 0.8 per cent apiece. On the positive side, Saudi Arabia recorded an increase of 1.8 per cent.
Market Turnover
Meanwhile, market total turnover in Nigeria was 1.079 billion shares worth N18.196 billion in 14,372 deals compared with 1.267 billion shares valued at N20.346 billion that exchanged hands in 15,088 deals the previous week.
The Financial Services Industry led the activity chart with 909.849 million shares valued at N12.765 billion traded in 7,822 deals, thus contributing 84.3 per cent and 70.2 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 52.651 million shares worth N3.342 billion in 2,876 deals. The third place was Oil and Gas Industry with a turnover of 36.318 million shares worth N674.243 million in 1,324 deals.
Trading in the top three equities namely Zenith Bank Plc, Access Bank Plc and FBN Holdings Plc, accounted for 557.380 million shares worth N9.434 billion in 3,231 deals, contributing 51.6 per cent and 51.8 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 4,065 units of Exchange Traded Products (ETPs) valued at N17,357.55 executed in 1 deal compared with a total of 15,168 units valued at N216.251 million that was transacted two weeks ago in nine deals.
A total of 78,261 units of Federal Government Bonds valued at N78.378 million were traded last week in 61 deals compared with a total of 14,581 units valued at N14.472 million transacted the previous week in 34 deals.
Price Gainers and Losers
The price movement chart showed 27 equities appreciated in, higher than 18 in the previous week, while 39 equities depreciated in price, lower than 42 of the previous week. UAC of Nigeria Plc and NPF Microfinance Bank Plc led the price gainers with 11.1 per cent apiece. Presco Plc trailed with 10.6 per cent, just as NAHCO Plc and John Holt Plc went up by 10 each.
MCNichols Plc and Veritas Kapital Assurance Plc and Nestle Nigeria Plc garnered 9.7 per cent, 8.0 per cent and 7.4 per cent in that order, while Seplat and Diamond Bank Plc chalked up 6.9 per cent and 6.6 per cent respectively.
Conversely, Mutual Benefits Assurance Plc led the price losers with 23.3 per cent, trailed by Flour Mills of Nigeria Plc with 16.7 per cent. Lafarge Africa Plc shed 14.2 per cent, just as Cement Company of Northern Nigeria Plc lost 11.6 per cent.
Other top price losers included: Oando Plc (10.5 per cent); PZ Cussons Nigeria Plc (10 per cent); UACN Property Development Company Plc (9.6 per cent); Pharma-Deko Plc (9.5 per cent); Regency Assurance Plc (9.1 per cent) and Prestige Assurance Plc (8.9 per cent).
Consolidated Hallmark Insurance Plc (CHI Plc) has recorded a revenue of N5.4 billion and a profit of tax (PAT) of N422 million for the nine months ended 30 September 2018. The revenue growth represented an increase of 19.7 per cent from N4.5 billion recorded for the corresponding period of 2017.
A further breakdown of the results showed that its investment income grew from N611 million to N746.5 million in 2018 which represented 22 per cent increase. Total assets of the company rose by 11.56 per cent from N9.4 billion in 2017 to N10.5 billion. A profit before tax of N422 million was recorded during the period under review when compared with the N360 million, indicating 17.2 per cent increase.
Also, there was 13.3 per cent growth in the net underwriting profit from N836.9 million in 2017 to N948.3 million. Although it’s claims expenses rose significantly by 96 per cent from N2.066 billion in 2017 to N4.057 billion, this was cushioned by the robust reinsurance arrangement in place. The claims expenses percentage increase reaffirms the company’s commitment to fulfilling its obligations to its customers through prompt claims settlement.
Commenting on the financial performance, Managing Director/CEO, CHI Plc, Mr. Eddie Efekoha, stated that the result clearly showed the company’s relentless efforts to meet and exceed customers’ expectations and also deliver good returns to its shareholders.
“We are excited to report a stronger third quarter financial result. Our strong business performance made possible through capacity expansion and digital channels optimisation drove revenue growth in this quarter and we remain resilient to do much more for our shareholders,” he said.
CHI Plc has been consistent in compliance with the insurance industry and capital market regulations, with prompt filing of financials returns, remittance of taxes, and adherence to strong corporate governance practices. The company has also maintained a track record of regular dividend payments.
Recently, the company unveiled its new transaction enabled website – www.chiplc.com and introduced additional online payment channels, including GTBank portal, Quickteller and Paydirect. All of these are to improve customers’ experience at the point of renewal.
Also, CHI Plc was presented with the NIS ISO 9001:2015 Quality Management System Standard certificate by the Standards Organisation of Nigeria (SON). CHI has emerged the second insurance firm out of the existing 56 insurance and reinsurance firms to be presented with the global quality standard certification.
Volume and value of trading at the stock market rose 201 per cent and 236 per cent respectively wednesday despite the return of the bears.
Investors traded 450.139 million shares worth N9.397 billion in 2,858 deals compared with 149.653 million shares valued at N2.793 billion exchanged in 3,063 deals the previous day.
However, the high trading was boosted by Zenith Bank Plc that accounted for 73 per cent of the volume and 64 per cent for the volume and value of trading for the day. Specifically, 288.3 million shares of Zenith Bank Plc worth N6.9 billion were exchanged by investors.
Amidst the higher volume of trading, the bears returned following price losses by Lafarge Africa Plc, Dangote Sugar Refinery Plc, GTBank Plc, Seplat Petroleum Development Company Plc and FBN Holdings Plc. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell 0.14 per cent to close at 32,108.30, compared with a gain of 0.33 per cent the previous day.
AIICO Insurance Plc led the price losers with 9.8 per cent, trailed by Lafarge Africa Plc with 9.7 per cent. Mutual Benefits Assurance Plc shed 7.4 per cent, while Jaiz Bank Plc and NEM Insurance Plc lost 6.1 per cent and 5.3 per cent respectively.
On the positive side, Niger Insurance Plc led the price gainers with 10 per cent, followed by NPF Microfinance Bank Plc with 9.6 per cent. Fidson Healthcare Plc and Union Diagnostic and Clinical Services Plc chalked up 8.8 per cent and 7.4 per cent respectively.
Other top price gainers included: LASACO Assurance Plc (7.4 per cent); Redstar Express Plc (7.1 per cent); Regency Alliance Insurance Plc, Japaul Oil and Maritime Services Plc(5.0 per cent apiece); Nigerian Aviation Handling Company (NAHCO)Plc (3.9 per cent).
NAHCO last week reported a growth of 107 per cent in profit after tax for the nine months ended September 30, 2018, thereby raising investors’ hopes for higher dividend at the end of the year.
The company recorded an impressive N7.25 billion, representing an increase of 25 per cent compared with N5.795 billion posted in the corresponding period of 2017.
Profit before tax jumped by 117 per cent to N731.841 million from N336.115 million in 2017. However, a higher tax payment made the PAT to grow slower at 107 per cent from N287 million to N601 million in 2018.
Foreign portfolio investors withdrew a total of N94.43bn from the nation’s stock market from July to September this year.
The Nigerian Stock Exchange, in its domestic and foreign portfolio investment report for September, said the amount withdrawn by foreign investors in the third quarter was 23.59 per cent lower than the N123.59bn pulled out in the previous quarter.
The report, however, showed that foreign outflow increased by 27.60 per cent from N34.31 in August to N43.78bn in September.
It said total foreign transactions rose by 18.82 per cent month-on-month in September, while domestic transactions fell by 27.03 per cent.
According to the report, total transactions at the nation’s bourse reduced by 2.79 per cent from N133.84bn in August to N130.20bn in September.
The NSE said the cumulative transactions from January to September 2018 increased by 21.23 per cent to N2.007tn from N1.655tn in the same period last year.
It said, “Foreign investors outperformed domestic investors by 29.54 per cent in September 2018. Total foreign transactions increased by 18.82 per cent from N70.97bn in August to N84.33bn in September 2018.
“Foreign outflows increased by 27.60 per cent from N34.31bn to N43.78bn, while foreign inflows increased by 10.58 per cent from N36.66bn to N40.54bn over the same period.”
According to the report, the institutional composition of the domestic market increased by 14.33 per cent from N22.67bn in August to N25.93bn in September 2018, while the retail composition reduced by 50.38 per cent from N40.19bn to N19.94bn within the same period.
It said the results were an indication of a higher participation by the institutional investors over their retail counterparts in September.
