Foreign appetite for Nigerian stocks wanes, July inflows sink to N7.5bn
Foreign investors are increasingly losing interest in Nigerian stocks as the inflows fell to a record low of N7.5 billion
Foreign investors are increasingly losing interest in Nigerian stocks as the inflows fell to a record low of N7.5 billion in July, according to the latest data from the Nigerian Exchange Limited.
The NGX data showed that foreign inflows tumbled by 46.12 percent last month from N13.92 billion in June.
Foreign investors withdrew N8.03 billion from the Nigerian stock market last month, compared to N9.50 billion in June.
The total transactions at the nation’s bourse decreased by 10.92 percent from N100.77 billion (about $244.88 million) in June to N89.77 billion (about $218.20million) in July.
The total value of transactions executed by domestic investors last month outperformed transactions executed by foreign investors by about 66 percent.
The NGX said the total domestic transactions decreased by 4.02 percent from N77.35 billion in June to N74.24 billion in July.
It said total foreign transactions also decreased by 33.69 percent from N23.42 billion (about $56.91 million) in June to N15.53 billion (about $37.75 million) in July.
