Data from the Nigeria Exchange Limited also indicated that total domestic transactions, which stood at N107 billion as at June 2014, rose to N272 billion in the last month, representing 154 per cent increase.
However, foreign investors’ activities on the local bourse have continued to wane over the past 10 years as they control less than 25 per cent of total transactions on the NGX on the back of weak incentives, rising insecurity and weak market internals.Analysts said besides the FX crisis, the exit of multinationals from the exchange and Nigerian market is also a major contributing factor to foreigners’ apathy in the market.
He argued that although there is an increase in domestic participation in the market, which helped stabilise the market a decent balance of foreign and domestic players is required for a vibrant market, given the structure of the market. Research Analyst at Cowry Asset Management Limited, Charles Abuede, said the decline in foreign transactions and inflows is a response to various risk factors and challenges within the Nigerian market and economy at large.
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The Nigerian Economic Summit Group has expressed optimism about improved growth of the economy from the second half of the year if the executive orders and other economic plans by the Federal Government are properly executed.