The secondary market turnover month – on- month (MoM) dropped by 31.82 percent in June and increased by 30.77 percent on Year-on-Year (YoY).
This was reported by FMDQ Securities Exchange in its financial markets monthly report for June 2024.
“It also shows that Foreign Exchange (FX) and Money Market (MM) transactions dominated secondary market activity, jointly accounting for 72.83percent of the total secondary market turnover in June 2024.”
Total spot market turnover for all products traded in the secondary market in June 2024 was N25.95trillion, representing a MoM decrease of 35.16percent (N14.07trillion) from May 2024 figures.
“The financial markets monthly report shows the month-on-month decrease in total spot market turnover was driven by the decrease in turnover across all spot market product categories, as FX, fixed income (FI) and money market (MM) turnover decreased MoM by 38.84 percent (N6.35trillion), 30.47percent (N3.38trillion) and 34.50percent (N4.33trillion), respectively.”
The decrease in MM turnover was driven by the MoM decrease in Repos/Buy-backs and Unsecured Placement/Takings transactions.
Similarly, the decline in FI turnover was driven by the decrease in FGN Bonds, T.bills, OMO Bills, and CBN Special bills offsetting the increase in Other Bonds. The Spot FX market turnover was $6.72billion (N10.01trillion) in June 2024, representing a 41.17percent ($4.70billion) MoM decrease from the turnover recorded in May 2024 ($11.42billion).
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