November 2024 - Page 2 of 2 - Business Metrics

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down

Equinix, Inc. has appointed Wole Abu as its Managing Director in West Africa to lead the integration and expansion of the business. According to Equinix, in...

Cryptocurrency1 week ago

Election Season Boosts Political Meme Coins to New Heights

Given the ongoing U.S. presidential election, political meme coins are again on the rise. The PolitiFi category has gained 3% in the last 24 hours due...

Foreign Appetite for Nigerian Stocks Wanes as Outflow Hits N385.9 Billion in 9 Months Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During the period, portfolio investors invested N310.99 billion on stocks even as they sold off more equities worth N385.89 billion, amounting to a net foreign outflow of N72.9 billion. In the nine-month period under review, the Nigerian Exchange recorded N3.968 trillion in equities trading and this was primarily driven by strong domestic investor participation The while the figure represents a remarkable increase from the N2.712 trillion worth of stocks traded during the same period in 2023, foreign investors contributed the least while domestic counterparts continued to dominate the space. Expatriates in the market were responsible for just N696.88 billion, accounting for 17.56% of the total value of stocks traded, while domestic investors dominated the market with N3.271 trillion, or 82.44% of total trading volume The latest Foreign Portfolio Investment report highlights the performance of domestic investors, with retail investors trading N1.739 trillion worth of stocks and institutional investors contributing N1.531 trillion during the nine-month period. Investments in September 2024 In September 2024, total transactions on the Nigerian Exchange saw a month-on-month increase of 29.90%, rising from N379.52 billion (approximately $237.70 million) in August to N493.01 billion (about $307.84 million). This is a notable improvement compared to September 2023, where total transactions were valued at N295.80 billion, marking a 66.67%t increase year-on-year. In September 2024, domestic investors outperformed foreign investors, executing transactions valued at 84% more than their foreign counterparts. Domestic transactions rose significantly, with total domestic trading increasing by 40.23% from N322.05 billion in August to N451.60 billion in September. Conversely, foreign transactions saw a decline of 27.95%, dropping from N57.47 billion (about $35.99 million) in August to N41.41 billion (approximately $25.86 million) in September. The report also indicates that retail investors surpassed institutional investors, outperforming them by 28%. A closer look at the domestic market reveals that retail transactions increased by 59.42 percent, from N180.72 billion in August to N288.10 billion in September, while institutional transactions rose by 15.6%, from N141.33 billion to N163.50 billion during the same period.

Markets1 week ago

Foreign Appetite for Nigerian Stocks Wanes as 9-month Outflow Hits N385.9 Billion

Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During...

IMBIL Named Telecom Support Solutions Company of the Year at TIA 2024

Technology1 week ago

IMBIL Named Telecom Support Solutions Company of the Year at TIA 2024

Telecom Solutions provider IMBIL emerged as the Telecom Support Solutions Company of the Year at the 2024 edition of the prestigious Tech Innovation Awards (TIA) held in...

Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover

Markets1 week ago

Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover

Equities investors in Nigeria were displeased with the outcome of weekly trading on the floor of the Nigerian Exchange Limited (NGX) as they parted with a...

AfriTECH 4.0 Unveils Prestigious Lineup of Speakers

ICT1 week ago

AfriTECH 4.0 Unveils Prestigious Lineup of Speakers

The organizers of Africa Tech Alliance Forum [AfriTECH 4.0] have announced the distinguished lineup of speakers for this year’s Forum themed: “Leapfrogging Digital Transformation for Future...

Naira Struggles at NAFEM Despite $326.6m Boost in Reserves

Economy1 week ago

Naira Struggles at NAFEM Despite $326.6m Boost in Reserves

A boost of $326.64 million that lifted Nigeria’s foreign reserves to $39.77 billion failed to pacify further depreciation of the naira at the official market last...

Aviation1 week ago

Demand for African Airline Tickets Surges by 11.9% – IATA

African airlines experienced an 11.9% increase in passenger demand in September 2024 compared to the previous year, achieving a load factor of 76.0%. This load factor,...