By Nkiruka Nnorom

TURNOVER in the fixed income and currency market has risen by 41.9 percent following re-allocation of funds from the equities market to more secured asset classes.

Specifically, N23.21 trillion turnover was recorded in the fixed income and currency market in August compared to N16.36 trillion recorded in July, representing 41.87 percent month-on-month (MoM) increase.

Stockmarket

Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, NSE, had at the Exchange’s 58th Annual General Meeting, AGM, weekend, said that total revenue in the equities market declined by eight percent in 2018 “as investors sought towards more guaranteed investment asset classes in the face of uncertainty. Our listing revenue stream was the most impacted as it fell by 21 percent to N1.4 billion.”

Forex: Turnover in I&E falls by 11% to $4.1bn in May(Opens in a new browser tab)

Meanwhile, breakdown of transactions in the fixed income market last month showed that foreign exchange, FX, and Treasury Bills, TBs, was investors toast as they remained the major contributors to turnover in the market.

FX instruments and TBs contributed 40.17 percent and 39.2 percent to the total fixed income market turnover respectively, while Repurchase Agreement/Buy-backs accounted for 14.72 percent of the total turnover.

FGN Bonds, other bonds and unsecured placements/Taking accounted for the remaining 5.91 percent of the total turnover during the period.