From foreign investors withdrawing N99.9bn, to Ibom Air expecting more aircraft for international trips and lack of funds delaying Nigeria’s first local COVID-19 vaccine, here’s what’s moving markets.
Foreign stock investors withdraw N99.94bn in four months
A total of N99.94bn was pulled out by foreign investors from the Nigerian stock market in the first four months of this year as foreign involvement plunged to a four-year low in April.
The foreign portfolio investors injected N 78.31bn into the market from January to April this year, according to data from the Nigerian Exchange Limited.
Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the stock market, while the FPI inflow includes purchase transactions on the NSE (equities only), according to the bourse.
The NGX, in its latest domestic and foreign portfolio report, said foreign outflow fell to N9.82bn in April from N20.28bn in March.
Foreign investors withdrew N39.05bn in February, up from N30.79bn in January, according to the bourse.
Total transactions at the bourse decreased by 30.01 per cent from N228.49bn (about $560.55m) in March 2021 to N159.93bn (about $389.84m) in April 2021.
The total value of transactions executed by domestic investors in April outperformed transactions executed by foreign investors by about 64 per cent.
We’re expecting aircraft meant for international flights – Ibom Air
Akwa Ibom State Commissioner for Special Duties, Okpolupum Etteh, has said that Ibom Airline will begin international flights within the sub-region as soon as the aircrafts purchased for that purpose arrive in the state.
Etteh disclosed this while inspecting the new Airport Terminal under construction on Thursday.
He said the government was hoping that the airport would translate to a hub for aviation operations in the region, with the completion of the maintenance, repair and overhaul section among other ongoing projects.
The commissioner said the new terminal designed to process a minimum of one million passengers a year with a sitting capacity of 1,000 would be ready for commissioning in December, 2022.
Improved price gains spike capitalisation by N34 billion
Price gains in many blue-chip stocks, especially Johnholt and ABC Transport, aided transactions on the Nigerian Exchange Limited (NGX) in sustaining its bulls’ run at the end of yesterday’s transactions, causing market capitalisation to appreciate further by N34 billion.
Yesterday, market capitalisation of listed equities increased by 0.17 per cent to N20.092 trillion from N20.058 trillion recorded on Wednesday. Also, the All Share Index also increased by 65.72 basis points to 38548.24 points from 38482.52 points reported the previous day.
Investors traded 249.686 million shares valued at N1.875 billion in 3524 deals against 156.905 million shares worth N1.329 billion that exchanged hands the previous day in 3273 deals.
FG: $1.5m for clinical trial delaying first local COVID-19 vaccine
The federal government yesterday explained that the production of the first local vaccine for COVID-19 pandemic in the country is being threatened by its inability to raise the $1.5 million cost of the clinical trial.
Minister of Health, Osagie Ehanire, said at the ministerial press briefing organised by the Presidential Communication Team in Abuja that a Nigerian researcher had developed a COVID-19 vaccine with a high probability to succeed but no fund yet for the clinical trial.
According to him, the federal government may look for sponsors who would recoup their investment when the vaccine is successful so that all the stages of the trial can be fulfilled.
Another Nigerian, Charles Onus, arrested by FBI for nearly $1 million payroll funds theft
The Federal Bureau of Investigation (FBI) and the United States Department of Justice have announced the arrest of another Nigerian, Charles Onus, over his alleged involvement in the fraudulent diversion of over $800,000 in payroll funds to prepaid debit cards under his control.
This is coming a few weeks after Abidemi Rufai, an aide to the Ogun State governor, was arrested over fraudulent transactions in the United States.
This disclosure is contained in a statement issued by the United States Department of Justice, which noted that Onus was previously arrested on April 14, 2021, in San Francisco and detained before being presented in Manhattan Federal Court before Magistrate Judge Sarah L. Cave. The case is assigned to US District Judge Paul G. Gardephe.
