Stock market: Foreign investors withdrew N94.43bn in Q3

Stock market: Foreign investors withdrew N94.43bn in Q3

Stock market: Foreign investors withdrew N94.43bn in Q3

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The Nigerian Stock Exchange, in its domestic and foreign portfolio investment report for September, said the amount withdrawn by foreign investors in the third quarter was 23.59 per cent lower than the N123.59bn pulled out in the previous quarter.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.

Source:© Copyright Thisday Online