Overseas fairness trades keep under N200bn for second month

Overseas traders stayed on the sidelines in November 2025, with fairness trades on the Nigerian Trade Restricted remaining under N200bn for the second straight month. Whereas overseas participation fell 13 per cent to N162bn, home traders dominated the market, driving whole trades to N971bn and conserving the bourse vibrant. Institutional traders led the cost, outpacing retail exercise and serving to year-to-date transactions hit a sturdy N10.54tn, underscoring the rising power of native capital in Nigeria’s inventory market, TEMITOPE AINA writes

Overseas traders maintained a cautious posture in Nigeria’s fairness market in November 2025, as whole overseas fairness transactions on the Nigerian Trade Restricted remained under N200bn for the second consecutive month, reinforcing indicators of subdued offshore participation amid persistent macroeconomic and currency-related considerations.

In line with information contained within the NGX Home and Overseas Portfolio Funding report, overseas fairness trades declined by 13.17 per cent month-on-month to N162.04bn in November 2025, in contrast with N186.62bn recorded in October 2025. The sustained sub-N200bn efficiency over two consecutive months factors to a protracted moderation in overseas buying and selling exercise on the Trade.

In greenback phrases, overseas fairness transactions dropped from about $131.27m in October to roughly $112.00m in November, reflecting each decreased buying and selling volumes and the affect of exchange-rate actions on the Nigerian Autonomous Overseas Trade Market.

Total market exercise declines month-on-month.

Whole market transactions on the NGX additionally recorded a decline in the course of the overview interval. Mixture fairness trades fell by 5.95 per cent to N971.18bn in November 2025, down from N1.03tn in October 2025.

Regardless of the month-on-month contraction, market exercise confirmed robust year-on-year enchancment. When put next with the N442.34bn recorded in November 2024, whole transactions in November 2025 represented a 119.56 per cent improve, highlighting a broader restoration in buying and selling volumes over the previous yr.

The pullback by overseas traders contrasted sharply with the sustained dominance of home traders, who continued to account for the majority of transactions on the Trade. In November 2025, home traders have been answerable for 83.32 per cent of whole fairness trades, whereas overseas traders accounted for simply 16.68 per cent.

Home transactions stood at N809.14bn in November, representing a marginal 4.35 per cent decline from the N845.96bn recorded in October 2025. Regardless of the slight discount, home participation remained the first driver of liquidity and market depth on the NGX.

A breakdown of home participation revealed divergent traits between retail and institutional traders. Retail investor transactions declined sharply by 16.21 per cent to N277.93bn in November, in contrast with N331.71bn in October, suggesting decreased exercise amongst particular person traders amid prevailing market uncertainties.

Conversely, institutional traders elevated their participation by 3.30 per cent, with transactions rising to N531.21bn in November from N514.25bn within the previous month. Institutional traders due to this fact outperformed retail traders by 32 per cent, underlining their rising position in sustaining market momentum within the face of weaker overseas flows.

On a year-to-date foundation, whole fairness transactions on the NGX stood at N10.54tn as of November 2025, greater than double the N4.91tn recorded within the corresponding interval of 2024.

Home traders accounted for N8.35tn, representing 79.23 per cent, of whole transactions in 2025 up to now, whereas overseas traders contributed N2.19tn, or 20.77 per cent. This compares with 2024, when overseas participation stood at 15.98 per cent, indicating an enchancment in cumulative overseas inflows regardless of the latest month-to-month slowdown.

Historic evaluation over an 18-year interval additional underscores the rising significance of home capital in Nigeria’s fairness market. Home transactions elevated by 33.15 per cent from N3.56tn in 2007 to N4.73tn in 2024, whereas overseas transactions grew by 38.31 per cent from N616bn to N852bn over the identical interval.

In 2024, home traders accounted for about 85 per cent of whole fairness transactions, with overseas traders contributing about 15 per cent, a sample that has largely continued into 2025.

Market analysts attribute the sustained weak point in overseas fairness trades to a mixture of world danger aversion, portfolio rebalancing by offshore funds, and ongoing considerations round foreign money stability and capital repatriation. Nonetheless, the robust presence of home institutional traders continues to offer a stabilising anchor for the market.

Because the yr approaches its shut, consideration will give attention to whether or not enhancing macroeconomic situations and coverage readability can revive overseas investor curiosity, or whether or not home capital will proceed to underpin exercise on the NGX within the close to time period.