Equity Market Transaction Report in Sept-19: Institutional flows drag market

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Earlier, the Nigerian Stock Exchange (NSE) published its monthly domestic and foreign portfolio investment report for Sept-19. According to the report, total transactions at the exchange increased by c. 8.6% y/y and 16.0% m/m to N141.5bn ($461.5mn). Also, the total value of transactions executed by foreign investors (66.8%) outperformed those of domestic investors (33.2%) and this was as total domestic transactions decline 19.9% m/m to N47.0bn while foreign transactions increased by 47.8%m/m to N94.5bn.

Notably, while net foreign inflows remained positive at N1.0bn (Total Inflow: N47.7bn; Total
Outflow: N46.7bn), the net domestic inflow was negative at N2.7bn (Total Inflow: N22.1bn; Total Outflow: N24.9bn). Further analysis of the component of the net domestic data showed that retail investors injected c. N0.1bn into the market. Meanwhile, institutional investors pulled-out N2.8bn – meaning the outflows from the domestic institutional investors dragged the overall performance of the exchange in Sept-19.

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Equity Market Transaction Report in Sept-19: Institutional flows drag market

In our view, the continued outflow by domestic institutional investors was spurred by their
preference for the more attractive fixed-income investments amid a lack of positive catalysts in the macro space. However, we believe the renewed interest by foreign investors might, if sustained, deter institutional clients from the continued sell
down.

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United Capital Research

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