Investor activity on Nigerian Exchange Limited (NGX) has surged to a record N9.57 trillion between January and October 2025, more than double the N4.47 trillion traded in the same period last year, underscoring renewed market confidence and stronger domestic participation.

According to the latest Domestic and Foreign Portfolio Participation Report, the exchange posted its strongest 10-month performance yet, fuelled by aggressive positioning by Pension Fund Administrators (PFAs), increased high-net-worth activity, and a notable expansion in retail investor engagement.

Foreign portfolio investors (FPIs) ramped up their exposure significantly, trading N2.03 trillion, a 172.4 percent leap from N744 billion in 2024. Domestic investors, however, remained firmly in control, accounting for N7.54 trillion in transactions, up 102.4 percent from N3.73 trillion last year.

Despite domestic dominance, FPIs expanded their market share to 21.18 percent, up from 16.65 percent a year earlier. Domestic investors’ share moderated slightly to 78.82 percent, reflecting the rising appetite of offshore players for Nigerian equities amid improving macroeconomic indicators and stronger earnings performance by listed companies.

Institutional investors were the main drivers of domestic activity, recording N4.6 trillion in trades compared with N1.8 trillion in the same period of 2024. Retail investors also deepened their footprint, with transactions surging to N2.9 trillion from N1.9 trillion last year—an expansion analysts describe as one of the most significant shifts in market structure in recent years.

On capital flows, foreign inflows climbed sharply to N1.12 trillion, more than triple the N344 billion recorded in 2024, while outflows rose to N909.54 billion from N400.04 billion, indicating heightened but balanced foreign activity.

NGX provided historical context, noting that domestic transactions have grown by 33.15 percent over an 18-year period, rising from N3.56 trillion in 2007 to N4.74 trillion in 2024.

Foreign transactions increased by 38.31 percent, scaling from N616 billion to N852 billion during the same window. So far in 2025, domestic activity has jumped to N7.54 trillion, with foreign participation at N2.03 trillion, reinforcing the market’s accelerating momentum.

Market analysts say the stronger retail showing marks a turning point for Nigeria’s capital market. Vice Chairman of Highcap Securities Limited, David Adonri, described the trend as a positive marker of market resilience.

“The growth in retail participation at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed,” Adonri said, adding that the growth reflects the impact of technology, easier access and sustained market education.

“Retail investors are gradually becoming a stabilising force in our market,” he said.

With two months left in the year, analysts say total transactions could surpass earlier projections, setting the NGX on course for one of its most active years in recent history.

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