Retail transactions on the Nigerian Exchange Limited (NGX) saw a significant drop of 54.89%, falling to N100.77 billion in April from N223.37 billion in March, as per the latest Domestic and Foreign Portfolio Investment Report. Despite this sharp decline, institutional transactions, which decreased by 43.58% to N124.63 billion, still outperformed retail transactions by 10%. The report revealed that domestic investors’ total transactions in April outperformed those by foreign investors by approximately 30%.
In April 2024, total domestic transactions decreased by 49.27% from N444.28 billion in March to N225.40 billion. In contrast, total foreign transactions saw a notable increase of 28.19%, rising from N94.26 billion (around $70.83 million) to N120.83 billion (around $90.83 million) between March and April 2024. Overall, the combined value of domestic and foreign portfolio transactions in Nigeria’s equity market fell by 35.71% from N538.54 billion in March to N346.23 billion in April 2024. Despite the monthly decline, there was a significant year-on-year growth of 81.07% from N191.21 billion reported in April 2023, indicating robust market activity over the year.
Additionally, the NGX opened the new week with a slight gain of 0.3%, reaching 97,864.65 points after experiencing three consecutive losses the previous week. This improvement raised the market’s year-to-date return to 30.9%, up from 30.5% at the end of the last week.
Source: Punch