• Home
  • About Us
  • Schedule
  • News
    • Citi Sports
    • Citi Business
  • Citi TV
  • Audio On Demand
    • Effective Living Series
Citi 97.3 FM - Relevant Radio. Always
No Result
View All Result
Citi 97.3 FM - Relevant Radio. Always
  • Home
  • About Us
  • Schedule
  • News
    • Citi Sports
    • Citi Business
  • Citi TV
  • Audio On Demand
    • Effective Living Series
Citi 97.3 FM - Relevant Radio. Always

Foreigners exit Nigerian shares

March 19, 2014
Reading Time: 1 min read
Foreigners exit Nigerian shares
Share on FacebookShare on TwitterShare on Whatsapp

nigeria flagNigeria’s all-share index fell to a five-month low on Tuesday, driven by losses in its oil and gas sector, as foreigners sold down their holdings and locals switched to short-term debt, dealers said.

Nigerian share prices have been sliding since March 10, as domestic funds put cash into government debt auctions to lock in higher yields of around 14% on bonds.

The index fell 1.62% to 37 274 points on Tuesday.

“The market is void of buyers … locals are not buying while foreigners are selling,” one stockbroker said, adding that liquidity has also been affected in the market.

“Locals are playing in the treasury bill market.”

Nigeria has been issuing treasury bills and other debt instruments at attractive yields to draw in foreign funds. In March it plans to raise 221.9 billion naira in treasury notes, soaking up liquidity.

Nigeria sold the three-year bond at 14.10% last week, higher than February’s auction when it sold at 13.49%. The 10-year note fetched a yield of 14.20%.

The index of Nigeria’s top five oil and gas companies was down 3.33% while the consumer goods sector index was off 1.73%.

All-share index heavyweight Dangote Cement, which accounts for around a third of the market’s total value also fell 2.23%.

The index is down 8.33% this year, having gained 47% in 2013.

Source:  Fin24

Tags: St Augustine's College
Previous Post

Maidens book quarter final place in U17 World Cup

Next Post

COCOBOD begins receiving proposals for jute bags supply

  • Archives
Call us: +233 30 222 6013

© 2020 Citi 97.3 FM - Relevant Radio. Always

No Result
View All Result
  • Home
  • About Us
  • Schedule
  • News
    • Citi Sports
    • Citi Business
  • Citi TV
  • Audio On Demand
    • Effective Living Series

© 2020 Citi 97.3 FM - Relevant Radio. Always

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In