FMDQ OTC Securities Exchange FMDQ Records N63.25tn Turnover In Q1 2019
FMDQ OTC Securities Exchange recorded a turnover of N63.25tn in the first quarter of the year.
Data obtained from the FMDQ’s website on Tuesday showed that the turnover for March stood at N28.98tn.
In February, the FMDQ recorded a turnover of N19.18tn, which represented an increase of 63.93 per cent month-on-month when compared with the N11.7tn reported in January.
The FMDQ market turnover report showed the turnover on all products traded on the FMDQ secondary market – foreign exchange, treasury bills, bonds (Federal Government, agency, sub-national, corporate and supranational bonds), Eurobonds, commercial papers and money market (repurchase agreements/buy-backs and unsecured placements/takings).
The FMDQ said the figures excluded primary market auctions in Treasury bills and bonds, adding that the data, which was collated from the weekly trade data submissions by FMDQ dealing member banks, represented trades executed among the dealing member banks, dealing member banks and clients and dealing member banks and the Central Bank of Nigeria.
The total turnover for January to February 2019 amounted to N34.27tn. Trading activities in Treasury bills contributed the largest to overall turnover in two months, accounting for 43.32 per cent of the market.
Foreign exchange market transactions (spot forex and forex derivatives) accounted for 34.92 per cent, while repurchase agreements/buy-backs product categories accounted for 16.16 per cent.
Bonds and unsecured placements and takings represented 5.16 per cent and 0.44 per cent, respectively, of overall market turnover.
Last year, the market turnover of the exchange hit an all-time high of N182.86tn from the N142.03tn recorded in 2017, as aggregate transactions in the fixed income and currency market increased by 28.75 per cent.
In the last five years of operation, the FMDQ has seen a consistent increase in its market turnover, except in 2016 when the turnover dropped from N137.43tn in 2015 to N113.66tn.The FMDQ, in its league table, listed the top dealing member banks by overall market turnover as Stanbic IBTC Bank Plc, United Bank for Africa Plc, Access Bank Plc, Standard Chartered Bank Nigeria Limited, Ecobank Nigeria Limited, First Bank of Nigeria Limited, Coronation Merchant Bank Limited, Citibank Nigeria Limited, First City Monument Bank Limited and Zenith Bank Plc.It said the top 10 dealing member banks accounted for 74.79 per cent (N25.63tn) of the overall turnover in the market, with the top three accounting for 50.30 per cent (N12.89tn).Stanbic IBTC Bank, UBA and Access Bank were the leaders in the […]