Nigerian stocks post first net foreign inflows in four months
Foreign inflows into the Nigerian stock market surpassed outflows in July for the first time in four months, new official data analysed by Markets Reporters shows.
The last time foreign investors bought more stocks than they sold was in March, when the market saw a net inflow of N11.06 billion.
Stocks worth N37.57 billion were purchased by overseas investors in July, while N19.95 billion was pulled out of the market, according to data from the Nigerian Exchange Limited.
The total transactions at the nation’s bourse increased by 38.66% percent in July to N491.61 billion from N354.55 billion in the previous month.
The value of transactions executed by domestic investors outperformed transactions executed by the foreign ones by about 76%.
“A further analysis of the total transactions executed between the current and prior month (June 2024) revealed that total domestic transactions increased by 59.38% from N272.36 billion in June 2024 to N434.09 billion in July 2024,” the NGX said. “However, total foreign transactions decreased by 30.02% from N82.19 billion (about $55.88 million) to N57.52 billion (about $35.69 million) between June 2024 and July 2024.”
It said retail transactions jumped by 138.48 percent from N114.02 billion in June to N271.92 billion in July, while deals by institutional investors of the domestic market increased by 2.42 percent to N162.17 billion.
