The FMDQ OTC Securities Exchange yesterday said it achieved a N142 trillion total over-the-counter (OTC) market turnover in 2017. This indicated a year-on-year growth rate of 24.97 per cent from the N113.65 trillion recorded in 2016.
This was contained in the Exchange’s Spotlight Newsletter for January 2018. It also noted that the increase was in response to the gradual recovery of the Nigerian economy, following the recessionary trends which shaped activities in the year 2017.
FMDQ OTC Market Turnover Report showed the turnover on all products traded on the FMDQ secondary market, FX, T-bills, Bonds (Federal Government of Nigeria (FGN), other Bonds (Agency, Sub-national, Corporate, Supranational & Eurobonds) and Money Market (Repos/Buy-Backs and Unsecured Placements/Takings).
These gures exclude primary market auctions in T-bills and bonds.
Trading activities in the T-bills market contributed the largest to overall turnover, accounting for 42.47 per cent of the total market turnover, whilst FX transactions (including FX derivatives) followed with a combined share of 26.90 per cent, and Repos/ Buy-backs accounted for 22.46 per cent.
Bonds and Money Market transactions (including Unsecured Placement and Takings, Commercial Papers and Money Market Derivatives), on the other hand, had smaller shares of the market, accounting for 7.01 per cent and 1.16 per cent respectively.
Further breakdown of transactions on products showed that Foreign Exchange accounted for N21.09 trillion ($ 65.94 billion); Foreign Exchange Derivatives N17.1 trillion ($53.69 billion); Treasury Bills
N60.32 trillion ($190.4 billion); Bonds N9.95 trillion ($31.456 billion); Repurchase Agreements/ Buy-Backs N31.9 trillion ($100.67 billion); Money Market N1,62 trillion ($5.095 trillion) and Money Market Derivatives N22.897 trillion ($73 million) bringing total transactions to N142 trillion ($447.347 billion).
The top 10 Dealing Member (Banks) accounted for 71.58 per cent (N101.66 trillion) of the overall turnover in the market, with the top three accounting for 49.51 per cent (N50.34 trillion) of this subsection of the market. Stanbic IBTC Bank Plc, Access Bank Plc and Ecobank Nigeria Limited maintained their position on the League Table as the top three banks for the ninth consecutive month.
This turnover represents trades executed among Dealing Members, Dealing Members and Clients, and Dealing Members and the Central Bank of Nigeria (CBN).
Ikorodu Women Recount The Benefits Of Family Planning
NIN Enrolment Makes Slow Progress In USA
Gov. AbdulRazaq To Send Social Investment Bill To Assembly
Naira Exchanges At N359 To Dollar At Parallel Market
India Vows To Eradicate Manual Scavenging
Ekweremadu Attack: Senator Ogba Calls For Arrest, Prosecution Of Perpetrators
Edo Govt’s Production Center Initiative Attracts More SMEs, Boosts Light Manufacturing Sector
OPINION22 hours ago
Fowler Has Committed No Foul
NEWS6 hours ago
Kaduna Approves More Appointments, Redeploys Perm Secs
WORLD24 hours ago
Sudan’s Ex-President al-Bashir Arrives For Trial
ENTERTAINMENT24 hours ago
BBNaija (S4): Elozonam Wins Veto Power
SPORTS23 hours ago
Marathon Man Medvedev Beats Goffin For Cincinnati Crown
COVER STORIES7 hours ago
Oyo-Ita Refutes Resignation Report
HEALTH19 hours ago
Sale Of Drugs: PSN Endorses Tiered Accreditation System
HEALTH19 hours ago
Pharmaceutical Firm Harps On Daitry Supplements For Healthy Living