The FMDQ OTC Securities Exchange has recorded a turnover of N19.18tn for the month of February 2019. The February turnover represents an increase of 63.93 per cent month-on-month when compared with the N11.7tn reported in January. Data obtained from the FMDQ on Friday showed that transactions in treasury bills dominated the exchange as it represented 43.18 per cent of the total turnover recorded for the month at N8.28tn.
Another 23.14 per cent was taken by foreign exchange as it recorded N4.44tn, the second highest turnover at the exchange. The repurchase agreements and foreign exchange derivatives amounted to N3.09tn and N2.22tn, respectively, each representing 16.1 per cent and 11.56 per cent of the total turnover value. Federal Government bonds amounted to N1.03tn, a figure representing 5.39 per cent of the total turnover value.
A further breakdown of the figure revealed that unsecured placements during the month hit N102.01bn while a turnover of N18.68bn was realised from the sale of Eurobonds during the month. Transactions in other bonds such as agency, sub-national, corporate and supranational bonds amounted to N100m, while commercial papers and money market derivatives recorded no returns.
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, save in 2016 when the turnover dropped from N137.43tn to N113.66tn.
The exchange also reported an average daily turnover of N959.21bn during the month, which consisted of 20 trading days. Punch
