Following the slow recovery of the prices of stocks in the Nigerian Stock Exchange (NSE), many investors are now resorting to the ’Over the Counter (OTC)’ market.
The OTC is the capital market window where government bonds are traded.
Last week, 298.75 million units of the Nigerian Government’s bonds, worth N335.70 billion (about US$2.8 billion), were traded in 3,391 deals, compared to 254.1 million units, valued at N300.20 billion (US$2 billion) exchanged in 3,349 deals in the previous week.
A further breakdown showed that the 6th FGN Bond 2,029 Series 5, with 39.2 million units, valued at N40.18 billion (about US$266 million) were traded in 607 deals.
The 4th FGN Bond 2010 Series 14 followed with 37.6 million units valued at N39.25 billion (about US$264 million) in 225 deals.
Twenty-two of the available 37 FGN Bonds were also traded in the period under review.
In the equity sector, investors bought 2.2 billion shares worth N10.95 billion (about US$66 million) in 31,562 deals in contrast to 1.56 billion shares, valued at N12.14 billion (about US$80 million) exchanged last week in 31,232 deals.
Source African Press Agency
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