Foreigners dump Nigerian stocks worth N123bn in H1

Foreign investors offloaded more Nigerian stocks in the first half of this year than they did in the same period of 2021, data from the local bourse show.

Equities worth N122.97 billion were sold by foreign investors in the period under review, up from the N116.72 billion pulled out of the country’s stock market in H1 2021.

Foreign participation in the stock market slumped to 14.65 percent from 21.46 percent in the first half of last year, according to the Nigerian Exchange Limited.

The total transactions at the nation’s bourse decreased by 74.23 percent in June to N156.52 billion (about $371.53 million) from N607.45 billion (about $1.45 billion) in May.

The total value of transactions executed by domestic investors last month outperformed transactions executed by foreign investors by about 46 percent.

The NGX said total domestic transactions plunged 72.16 percent to N114.33 billion in June from N562.15 billion in May, while foreign transactions fell 6.87 percent to N42.19 billion (about $100.15 million) from N45.30 billion (about $108.02 million).