Nigerian stocks suffer 117% rise in monthly foreign outflows

Nigerian stocks recorded their biggest foreign outflow in seven months in October as the COVID-19 pandemic continued to take a huge toll on the economy.

Foreign investors sold N56.44 billion worth of stocks in October, the highest since March and 117 percent higher than the N26.05 billion withdrawn in September, data obtained by Markets Reporters from the Nigerian Stock Exchange showed.

Stocks worth N391.98 billion were sold by foreign investors in the 10 months to October, according to the NSE.

Foreign inflows into the country’s stock market rose to N25.28 billion in October from N14 billion a months ago.

The NSE said as at October 31, 2020, total transactions at the bourse increased by 81.45 percent from N134.97 billion in September to N244.90 billion in October.

It said the October 2020 performance, when compared to the performance in October 2019, revealed that total transactions increased by 50.10 percent.

“In October 2020, the total value of transactions executed by domestic Investors outperformed transactions executed by foreign investors by circa 34 percent,” the NSE added.