FMDQ records N86.39 trillion turnover in H1 2018

FMDQ OTC Securities Exchange posted a turnover of N86.39 trillion in fixed income and currency market transactions in the first half of 2018.

The market turnover report obtained by our reporter in Lagos showed that the transactions were achieved between January and June.

A breakdown of the data indicated that this was a growth of 28.33 per cent when compared with N67.37 trillion achieved in the corresponding period of 2017.

The report indicated that transactions in Treasury Bills (TBs) transactions accounted for N34.93 trillion of the total transactions during the period under review.

It was trailed by foreign exchange which accounted for N20.91 trillion of the total value, while repurchase agreements/buy backs transacted N12.87 trillion.

Our correspondent reports that foreign exchange derivatives achieved a turnover of N11.44 trillion, while FGN Bonds accounted for N5.59 trillion.

The report indicated that the top 10 dealing member banks accounted for 76.32 per cent or ₦65.94 trillion of the overall turnover in the market, with the top three accounting for 59.30 per cent or ₦39.10 trillion.

Stanbic IBTC Bank, Access Bank PLC and United Bank for Africa PLC were the leaders in the value traded, ranking first, second and third.

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

It was followed by Standard Chartered Bank Nigeria, Citibank Nigeria, Ecobank Nigeria and Union Bank of Nigeria.

Others are First Bank of Nigeria Ltd, Guaranty Trust Bank and Zenith International Bank.