By Micheal Eboh
A decline was recorded in trading in the Over-the-Counter, OTC, market for Federal Government of Nigeria, FGN Bonds, as turnover dipped by 35.48 per cent.
In particular, a turnover of 184.38 million units valued at N169.011 billion was recorded in 1,264 deals, in contrast to the previous week’s turnover of 285.77 million units valued at N259.834 billion exchanged in 2,432 deals.
The 4.00% FGN April 2015 (7th FGN Bond 2015 Series 2) recorded the highest patronage in the sector, accounting for 25.92 per cent of the total market turnover, with 47.79 million units valued at N38.263 billion in 344 deals.
The 10% FGN July 2030 (7th FGN Bond 2030 Series 3) followed, accounting for 25.06 per cent of the total turnover with 46.2 million units valued at N39.705 billion in 400 deals.
Of the 28 FGN bonds available, only 16 enjoyed investors’ patronage compared with eight in the preceding week.
As in the last couple of weeks, there were no transactions through the stock market in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.