By Taofik Salako
Nigeria’s portfolio transactions declined by N280 billion as foreign portfolio investors (FPIs) tended to be more on the sell side than the buy side.
Latest official transactional report on FPIs obtained at the weekend indicated that total foreign transactions at the Nigerian stock market dropped to N879.40 billion over the past 11 months , 24.1 per cent or N279.62 billion drop from N1.159 trillion recorded in comparable period of 2018.
The immediate past month also saw a reversal of the three-month consecutive increase in FPI transactions. FPI transactions dropped by 16.4 per cent or N16.97 billion to N86.76 billion in November 2019 as against N63.90 billion, N94.45 billion and N103.73 billion recorded in August, September and October 2019 respectively.
The FPIs report, coordinated by the Nigerian Stock Exchange (NSE), included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible measure of foreign…