OTC market records N7.35tr transactions in one month

OTC
OTC

A turnover of ₦7.35 trillion was recorded in the Over The Counter (OTC) market for January 2016.The figure represents ₦80.23 billion or 1.08 per cent less than ₦7.43 trillion values recorded in December 2015.Besides, foreign exchange transactions accounted for 28.21 per cent of the total value.

According to FMDQ OTC Plc, bearish sentiments prevailed in the fixed income market as yields trended upwards on all tenors within the review period.

It explained that the yield curve shifted upwards by 98 basis points on the average while high liquidity remained a feature of the money market with overnight rate averaging 2.59per cent.

Trading in treasury bills dominated the fixed income market, accounting for 64.07per cent of all activities.Also in December, trades in the tresury bills segment dominated the fixed income market activities; accounting for 74.27per cent of all activities as turnover in the FX market settled at $10.89bn for the month.

The Chief Executive Officer of the FMDQ, Bola Onadele Koko remarked: ‘FMDQ remains steadfast in its commitment to facilitate growth and development in the Nigerian financial market, with specific focus on the debt capital market, and the Nigerian economy at large, and has actively commenced the year on initiatives being developed to address this growth and development.

He pointed out that FMDQ would provide the necessary secondary market platform for the bonds to thrive and by extension ensuring success of the Nigerian primary and secondary mortgage markets.

The securities exchange shall provide continuous information disclosure on bonds listed on the platform to include price/value data and detailed issuers’/issue information to stakeholders via the ‘Listings & Quotations’ page on FMDQ website.

FMDQ OTC Securities Exchange (FMDQ) which was admitted as a ‘Full Member’ Exchange of the African Securities Exchanges Association admission in May 15, 2015,entitles FMDQ to vote during the Association’s yearly general meetings, fully participate in ASEA events, be featured in publications, as well as the privilege to nominate a representative for election to the ASEA Executive Committee.

The admission was a positive step towards making the markets globally competitive and provides, among others, a platform for unlocking the potentials in the Nigerian capital markets through mutual networking and communication with various Member Exchanges in Africa.

Daily Nigeria News © 2015 Quantcast