BY MICHAEL EBOH
A significant decline was recorded in trading in the Over-the-Counter, OTC, market for Federal Government of Nigeria, FGN, Bonds, last week, as investors exchanged 189.87 million units valued at N179.178 billion in 1,358 deals.
This represented a drop of 19.19 per cent from the previous week’s turnover of 234.98 million units valued at N214.088 billion recorded in 1,651 deals.
The 8th FGN Bond 2014 Series One recorded the highest transaction in the sector, accounting for 32.15 per cent of the sector’s turnover, with 61.05 million units valued at N62.321 billion in 554 deals.
This was followed by the 5.50% FGN February 2013 (7th FGN Bond 2013 Series 1), accounting for 24.47 per cent of the sector’s turnover, with 46.46 million units valued at N44.621 billion in 367 deals.
Of the 29 FGN available, only 17 enjoyed investors’ patronage, compared with 15 in the preceding week.
However, there were no transactions through the stock market in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.