By Bashir Olanrewaju
Investments by Nigerians in the country’s stock market outstripped those made by foreigners by as much as 40 percent in September, according to data published by the Lagos bourse.
The value of transactions within the month jumped to 134 billion naira from 95 billion naira in August, data posted on the website of the Nigerian Stock Exchange show. Domestic investors accounted for 70 percent of the amount, with the remaining 30 percent coming from foreign investors.
“The total value of transactions executed by domestic investors outperformed transactions by foreign investors by circa 40 percent,” the stock exchange said in the statement.
Domestic transactions on their own also jumped 71 percent to 95 billion naira from 55.5 billion in August, as more investors returned to the market to take advantage of cheap bargains made possible by the economic doldrums suffered due to the coronavirus earlier in the year.
Foreign investments also picked up in September from the previous month, rising 2.7 percent to 40 billion naira.