FTSE frontier-market return boosts demand for Nigerian shares
Nigeria’s return to the FTSE Russell Frontier Market indexes has been followed by a sharp increase in foreign demand for Nigerian equities, according to Punch Nigeria. Banking stocks have attracted particular interest, although the supplied report gives no figures for the inflows or individual companies involved.
Nigeria’s re-entry into the FTSE Russell Frontier Market indexes has triggered a sharp rise in foreign demand for the country’s equities, according to Punch Nigeria. The increased interest has been especially pronounced in banking stocks, the report said. It did not identify the banks involved or provide figures showing the scale of the additional demand.
The report links the change in investor interest to Nigeria’s return to the FTSE Russell Frontier Market indexes. The supplied material does not give a date for the re-entry or describe the index changes in further detail. It also does not specify whether the demand came from particular funds, name individual investors or set out how the renewed interest affected share prices.
The available information establishes a connection between the FTSE Russell re-entry and stronger foreign appetite for Nigerian equities, with bank shares singled out as the main area of interest.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.