14 July 2024

Domestic transactions in NGX increase to 3.167trn in 2023

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Nigerian Exchange Limited’s total value of domestic transactions hit N3.167 trillion in December 2023, up from N410.62 billion recorded in the same period in 2022.

This was disclosed in NGX’s domestic and foreign portfolio investment report for December last year.

Further analysis showed that domestic transactions’ total value outperformed foreign investors’ transactions by N2.756 trillion or 671.26 per cent.

Accordingly, this follows low sentiments, mainly on the part of foreign investors, that arose following the build-up to the 2023 election and other economic headwinds.

Investors’ sentiment is usually weak during the election period as they seek to reduce their market exposure following uncertainties surrounding elections.

As of December 31, 2023, total transactions at the nation’s bourse increased by 14.38 per cent from N300.67 billion (about $319.15 million) in November 2023 to N343.90 billion (about $382.59 million) in December 2023.

However, it is on record that the NGX’s All-Share Index grew by 45.90 per cent in 2023.

Since the commencement of 2024, the country’s stock exchange has continued to record impressive performance, as the All-Share Index crossed the 100,000 mark on Wednesday.

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