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Increased Offshore Trade Increased Nigerian Shares In June – NSE | The Precision

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Transactions on Nigeria’s stock market rose 7.13
percent to 220.27 billion naira ($699.3 million) in June from a month
earlier, lifted by increased flows from foreign investors, stock
exchange data showed on Thursday. 
 
The value of
foreign transactions on the local bourse rose by 6.66 percent to 101.53
billion naira in the period, according to the data. 
Nigerian
assets, largely shunned by foreign investors over the past three years,
are back on their radar thanks to a drop in valuations and improved
liquidity. 
The equity market has benefited from
the introduction more than four months ago of a new window for
investors to trade the naira at market-determined exchange rates. 
The
report showed that foreign investors’ transactions on the local bourse
rose 59.81 percent to 430.23 billion naira in the first half of this
year, compared with 269.22 billion naira a year earlier. 
Last
week, the market had rallied for an eighth consecutive week and peaked
at a 33-month high before profit-takers took advantage of the gains to
sell their holdings. 
The market’s main index
has gained about 34 percent year-to-date but profit-taking has dominated
trading since the start of the week. 
“What we
have seen is locals riding on the back of foreign investors in the
market,” Kemi Akinde, analyst at Meristem Securities stated last week (Reuters). 
Source: The Precision

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