The FMDQ Securities market hit the gas in November 2023, recording a phenomenal N27.9 trillion in total secondary market turnover. This translates to a stunning 28.43% jump compared to October and a jaw-dropping 109.4% surge year-on-year.
Foreign exchange (FX), government bills, and money market (MM) transactions are leading the charge, grabbing over 70% of the market action.The spot market for all products is also riding high, soaring 21.5% month-on-month. FX, MM, and fixed income (FI) trades are all contributing to this impressive rally.
In the MM arena, repos/buy-backs are the star performers, pushing turnover upwards, while unsecured placements/takings take a breather.
The FI market isn’t missing out either. All FI products, except OMO bills, are experiencing a surge in trading activity, showcasing their allure to investors.
Meanwhile, the FX market saw the US dollar gain ground against the Naira, with the average exchange rate settling at N832.57/USD. However, a welcome calm descended on the market, with volatility easing, suggesting a potentially more stable future.
The spot FI market reached new heights with N14.7 trillion in turnover, a remarkable 23.7% increase from October. T-bills, FGN bonds, and CBN Special Bills are at the forefront of this surge.
November 2023 paints a picture of an FMDQ market brimming with vitality. Increased activity across diverse segments reflects robust investor confidence and a thriving trading environment.
