FMDQ: Investors staked N67.37trn in six months – report

FMDQ OTC Securities Exchange recorded a turnover of N67.37 trillion in fixed income and currency markets between January and June.

This is contained in the company’s market turnover report obtained by the press in  Lagos.

A breakdown of the data indicated that of transactions worth N12.62 trillion was achieved in June, a growth of 33 per cent against the N9.49 trillion posted in May.

The report indicated that transactions in Treasury Bills (TBs) transactions accounted for N31.31 trillion of the total transactions during the period under review.

It was followed by repurchase agreements/buy backs which accounted for N15.73 trillion of the total value, while foreign exchange derivatives trailed with N7.93 trillion.

Reports say FGN Bonds achieved a turnover of N5.35 trillion, while foreign exchange accounted for N6.30 trillion.

The report indicated that the top 10 dealing member banks accounted for 70.31 per cent or ₦47.37 trillion  of the overall turnover in the market, with the top three  accounting for 45.28 per cent or ₦21.45 trillion.

Access Bank, Stanbic IBTC Bank  and Ecobank Nigeria topped the league table, ranking first, second and third, respectively.

It said that the three banks maintained their position in the league as the top three for three consecutive months.

The report added that Access Bank and Ecobank Nigeria had maintained this position for six months running since the start of the year.

It said that all other dealing member banks maintained their positions on the league table with the exception of Union Bank which moved from 11th place to ninth.

Citibank Nigeria Ltd moved from ninth place to now occupy 10th position.