Domestic investors lead equities market by 64% in March

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By Helen Oji

23 April 2024 | 10:04 pm

....as secondary market turnover in FMDQ hits ₦48.9tr Total value of transactions executed by domestic investors outperformed foreign investors patronage by circa 64 per cent as at March 2024. According to the latest Domestic and Foreign Portfolio Investment Report of the Nigerian Exchange Limited (NGX), total domestic transactions accounted for about 89 per cent…

Trading floor at NGX

….as secondary market turnover in FMDQ hits ₦48.9tr

Total value of transactions executed by domestic investors outperformed foreign investors patronage by circa 64 per cent as at March 2024.

According to the latest Domestic and Foreign Portfolio Investment Report of the Nigerian Exchange Limited (NGX), total domestic transactions accounted for about 89 per cent of the total transactions carried out in 2023, whilst foreign transactions accounted for about 11 per cent of the total transactions in the same period.
The transaction data for 2024 also showed that total domestic transactions hit N1.33 trillion, whilst total foreign transactions stood at N213.18 billion.
An analysis of the total transactions executed between the current and prior month (February 2024) revealed that total domestic transactions increased by 52.1 per cent from N292 billion in February to N444.3 billion in March 2024.

Similarly, total foreign transactions increased by 43.2 per cent from N65.8 billion (about $42.61million) to N94.3 billion (about $70.83million) between February 2024 and March 2024.
In addition, total transactions at the nation’s bourse increased by 50.5 per cent as at 31 March 2024 from N357.9 billion (about $231.70million) in February 5, 2024 to N538.5 billion (about $404.7 million) in March6 2024. NGX noted that the performance of the current month whencompared to the performance in March 2023 (N146.2 billion) revealed that total transactions increased significantly by 268.3.per cent.
Also, retail investors outperformed Institutional Investors by 0.6 per cent. A comparison of domestic transactions in the current and prior month (February 2024) revealed that retail transactions increased by 37.9 per cent from N161.9 billion in February to N223.4 billion in March 2024 while the institutional composition of the domestic market increased by 69.8 per cent from N130.1 billion in February 2024 to N220.9 billion in March 2024.

Over a16 year period, domestic transactions decreased by 10.9 per cent from N3.6 trillion in 2007 to N3.2 trillion in 2023; whilst foreign transactions also decreased by 33.3 per cent from N616 billion to N411 billion over the same period.
Meanwhile, secondary market turnover on FMDQ Exchange in March 2024 was ₦48.9 trillion, representing a Month on Month and Year on Year (YoY) increase of 21.2 per cent (₦8.6 trillion and 100.7 per cent (24.51trn) from February 2024 and March 2023 figures, respectively.
According to FMDQ Securities Exchange, Foreign Exchange (FX) and Money Market (MM) transactions dominated secondary market activity, jointly accounting for 75.4 per cent of the total secondary market turnover in March 2024.

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