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Surge in buying interest drives bullish bourse

CSL Stockbrokers by CSL Stockbrokers
December 22, 2020
in Op-Eds
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In the latest released NSE Domestic & Foreign Portfolio Investment for October, total value traded surged in line with expectations as value grew 81.5% m/m to N244.9bn (US$634.6m) in October 2020 from N135bn (US$350.6m) in September 2020.

Activity level among domestic investors grew 71.9% m/m to N163.18bn (US$422.8m) while foreign investor transactions surged 104.0% m/m to N81.7bn (US$211.7m). Domestic investors still retained dominance of trading activities on the local bourse as their share of total transactions in October stood at 66.6% (YTD; 62.56%) while foreign investors’ share of total transactions was 33.4% (YTD; 37.4%).

On the domestic front, transactions were dominated by institutional investors who traded N93.2bn (US$241.6m) while retail investors executed transactions worth N69.9bn (US$181.2m). We note that the volume of transactions among retail and institutional investors grew 96.0% and 57.4% respectively. Foreign outflows rose to N56.4bn (US$146.2m) in October compared with N26.1bn (US$67.8m) in September.

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In the same vein, foreign Inflows increased to N25.3bn (US$65.5m) in October from N14.0bn (US$36.4m) in September, resulting in a net outflow of N31.1bn (US$80.7m) in October compared with a net outflow of N12.1n (US$31.4m) in September.

A contribution of high liquidity due to a dearth of alternative investment opportunities considering negative real interest rates on fixed income securities and positive Q3 results led to the surge in activity level which supported a strong bullish performance in the local bourse in October resulting in the highest monthly gain since 2018.

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The benchmark All Share Index gained for the sixth consecutive month, up higher by 14.0%. Going forward, we expect the domestic investors to continue to dominate activities in the domestic bourse as foreign investors remain cautious.


CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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Tags: Domestic & Foreign Portfolio InvestmentNSE

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