Stanbic IBTC, Ecobank led 8 others in N65tr market turnover

Stanbic IBTC Holdings Plc and Ecobank Nigeria Ltd led eight other commercial banks in 70.71 per cent or N64.92 trillion of the overall turnovers between January and August on the FMDQ OTC Securities Exchange.

For instance, the top three banks, including Stanbic IBTC Holdings, Ecobank Nigeria Ltd and Access Bank accounted for 45.47 per cent or N29.50 trillion total turnover.

In fact, FMDQ OTC monthly report stated that the trio topped the League Table, ranking 1st, 2nd and 3rd respectively, in the value traded for the overall over-the-counter (OTC) market, maintaining their position in the value traded for the overall over-the-counter (OTC) market.

“The three banks have maintained their position in the League Table for five consecutive monthsThe report said, all other Banks maintained their positions on the League Tables with the exception of Stanbic IBTC Bank and Access Bank.

“Both banks, Stanbic IBTC and Access Bank swapped positions in the review period and are now occupying 1st and 2nd places respectively,” the report stated.

But further breakdown showed that United Bank for Africa Plc maintained the fourth position, while First Bank of Nigeria Limited and Diamond Bank Plc are in the fifth and sixth position respectively.

The chart disclosed that Standard Chartered Bank Nigeria Limited and Guaranty Trust Bank Plc were in seventh and eighth position, while CitiBank Nigeria Limited and Union Bank of Nigeria were in ninth and tenth position.

The report stated that August 2017 recorded N12.89trillion in turnover, an increase of 11.78 per cent when compared to N11.54trillion recorded in July 2017, bringing the total year-to-date turnover to N91.80trillion.

The breakdown revealed that foreign exchange market contributed N10.2 trillion; foreign exchange derivates, N10.5 trillion and Treasury Bill, N41.6 trillion and Federal government of Nigeria Bonds, N6.4 trillion.

Others are ‘Other bonds’, N25 billion; Eurobonds, N62 billion; Repurchase Agreements/Buy-Backs, N21.9 trillion; Unsecured Placements/Takings N944 billion and Money Market Derivates, N21.57 billion.

“The month-on-month (MoM) increase was primarily driven by increased trading activities experienced in the following product categories; Foreign Exchange (Spot), with a MoM growth of 66.44per cent, Foreign Exchange Derivatives, a MoM growth of 46.28 per cent and Treasury Bills, a marginal 4.98 per cent MoM growth. They respectively make up circa 19.09per cent, 12.04per cent and 41.01per cent of overall turnover,” the report added.