Retail investors bucked the market slowdown in October as activity on the Nigerian Exchange (NGX) declined across major investor categories.
According to the latest Domestic and Foreign Portfolio Investment (FPI) report, retail participation rose by 19.08per cent month-on-month, increasing from N278.57 billion in September to N331.71 billion in October.
In contrast, institutional investor activity weakened significantly, falling by 46.17per cent to N514.25 billion. Despite the decline, institutional players still outperformed retail investors in overall transaction value.
Overall market turnover was softer during the month, with total transactions dropping by 36.31per cent to N1.03 trillion compared with N1.62 trillion recorded in September. The NGX attributed the drop largely to the absence of the major block trades that had boosted September’s figures.
Year-on-year, however, market activity remained robust. Total turnover in October 2025 surged by 105.39per cent compared to N502.73 billion posted in the same month of 2024, signalling deeper participation and improving investor sentiment.
Domestic investors continued to dominate activity, accounting for about 64% of total trades during the month. Their transaction value declined by 31.43per cent to N845.96 billion from September levels, mirroring the broader slowdown. Foreign participation also fell sharply, dropping by 51.85per cent from N387.62 billion to N186.62 billion.
Long-term data from the NGX also underscores the market’s resilience. Between 2007 and 2024, domestic transactions expanded by 33.15per cent, while foreign transactions grew by 38.31per cent. Domestic investors accounted for 85per cent of total market activity in 2024. For 2025 so far, domestic transactions total N7.54 trillion, compared with N2.03 trillion from foreign investors—a trend that continues to highlight the deepening role of local capital.
he Vice Chairman of Highcap Securities Limited, Mr David Adonri , described the retail uptick as a positive signal for market stability. “The growth in retail activity at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed. It reflects the impact of technology, easier access, and sustained market education. Retail investors are gradually becoming a stabilizing force in our market,” he said.