Economic woes

Foreign Portfolio Investors’ Withdraw N40.07bn
From Stock Market In Sept.



Lagos – The Nigerian Stock Exchange (NSE),
said that foreign investors withdrew the sum of
N40.07 billion from the equities market in the
month of September.
This is contained in a domestic and foreign
portfolio
participation in equity trading for September
2015 posted on NSE web site on Monday.
The report stated that total foreign outflow for
September stood at N40.07 billion, compared to
N48.07 billion recorded in August.
The exchange stated that total foreign in flow
during the review period stood at N29.26 billion
as against N33.06 billion in August.
It added that foreign portfolio investment
transactions at the. nation’s bourse in September
reduced to N69.33 billion from N81.13 billion in
August, recording a decrease of 14.54 per
cent.
According to the report, total domestic
transactions stood at N60.59 billion in contrast
with N64.56 billion in August.
It added that total transactions in September
dropped to N129.92 billion as against N145.69
billion achieved in the preceding month.
The statistics showed that foreign portfolio
investors’ inflowsaccounted for 22.52 per cent of
total transactions.
It stated that foreign portfolio investors’ out
flows accounted for 30.84 per cent of the total
transactions in September.
Commenting on the issue, Mr Okechukwu
Unegbu, the former President, Chartered Institute
of Bankers of Nigeria, told the News Agency of
Nigeria (NAN) that the exchange must map out
strategies aimed at sustaining local
investors’confidence in the market.
Unegbu said that market regulators must reduce
their emphasis on foreign investors and
concentrate on local investors’ who investment
for long-term purpose.
He said that uncertainties in the economy made
it
imperative for NSE to look inwards, noting that
foreign investors could exit at the market at any
given time. (NAN.