Trading on the FMDQ suffered a 12.05% decline in the month of September, according to data made available on Tuesday, as turnover dropped from N12.9tr in August, to N11.34tr.
The fall was blamed largely on the “decreased trading activities experienced in the Treasury Bills, Repurchase Agreements/Buy-Backs, Foreign Exchange Derivatives and Unsecured Placements/Takings product categories, which collectively make up 66.04% of overall turnover.”
The market continued to be dominated by 10 big players that together accounted for N70.88tr, representing 68.72% of total for the month, while the top three: “Stanbic IBTC Bank PLC, Access Bank PLC and Ecobank Nigeria Limited 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 League Table for (the sixth) consecutive month.
The top 10 banks accounted for 43.99% or ₦31.18trn of this sub-section of the market for the month.
Activities in September brought transactions in the first nine months of the year, comprising 187 business days to ₦103.14trn, with average daily turnover of N551.563bn or $1.768bn.
For the nine months, treasury bills remained the most dominant instrument, accounting for N45.993tr or $147.396bn; followed by N23.594tr repurchase agreements/buy-backs; while forex trading recorded N3.052tr turnover; ahead of FGN Bonds worth N7.451tr.