• Friday, May 24, 2024
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BusinessDay

Investors trade N651.52bn worth of stocks in January

Market dips by 0.11% in one week

Investors in Nigeria’s equities market traded stocks worth N651.52billion in January, according to recent report released by the Nigerian Exchange Limited (NGX).

Out of the record value of transaction in January, foreign investors traded stocks worth only N53.11billion, representing 8.15percent of the total, while local investors traded N598.41billion, representing 91.85percent.

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The stock market was up by 35.28percent as at January 31, driven by bargains in industrial and consumer goods stocks.

Foreign inflow in stocks worth N15.78billion while foreign outflow was N37.33billion. Domestic retail investors traded equities worth N285.58billion in January, while domestic institutional investors accounted for N312.83billion worth of stocks.

The performance of the review month when compared to the performance in January 2023 (N195.10billion) revealed that total transactions increased significantly by 233.94percent.

Total domestic transactions increased by 102.15percent from N296.03billion in December to N598.41billion in January 2024.

“Over a sixteen (16) year period, domestic transactions decreased by 10.94percent from N3.556trillion in 2007 to N3.167trillion in 2023 while foreign transactions also decreased by 33.28percent from N616billion to N411billion over the same period.

“Total domestic transactions accounted for about 89percent of the total transactions carried out in 2023, while foreign transactions accounted for about 11percent of the total transactions in the same period.

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“The transaction data for 2024 shows that total domestic transactions are circa N598.41billion, whilst total foreign transactions are circa N53.11billion,” the NGX said in its January domestic and foreign portfolio investment report.