Panic grips foreign investors over 2019 polls

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Foreign portfolio investors are apprehensive about the 2019 general election fearing it may be marred by crisis and violence and are pushing panic button, Punch reported.

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The paper said the investors have pulled out billions of naira out of the Nigerian stock market in recent months due to the approaching elections.

Quoting the latest data from the Nigerian Stock Exchange, it reported that a total of N435.41bn was withdrawn from the market from January to July this year, compared to an outflow of N236.32bn in the same period in 2017.

However, the Associate Director, Capital Markets, PwC Nigeria, Alice Tomdio, in an interview with the publication hinted that there was no cause for alarm saying, “Once there is any cause to fear, portfolio investors sell out their shares and they come back when the environment is better; all of these create a lot of volatility in the market and may be one of the reasons why we do not have a lot of initial public offerings in the country.”

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