NASD OTC Bourse Loses N74.6bn as Proposed Protest Spooks Investors

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange slid by 3.77 per cent on Tuesday as the proposed protest across the nation over hunger is beginning to frighten investors.

The value of the bourse shrank during the session by N74.55 billion to N1.902 trillion from the N1.976 trillion recorded in the preceding session amid profit-taking ahead of uncertainties in the Nigerian economy.

It was observed that the trio of Central Securities Clearing System (CSCS), Aradel Holdings Plc, and FrieslandCampina Wamco Nigeria Plc led the market into the red territory.

CSCS Plc lost N1.76 to end the session at N19.24 per unit compared with Monday’s N21.00 per unit, Aradel Holdings dropped N284.04 to sell at N4,133.98 per share versus the previous day’s price of N4,418.02 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N2.07 to N48.15 per unit from N50.22 per unit.

As a result, the NASD Unlisted Security Index (NSI) went down by 54.40 points to wrap the trading session at 1,388.19 points, in contrast to the preceding session’s 1,442.59 points.

Investors are uneasy ahead of a nationwide protest set to begin on August 1 over economic hardships, with efforts to calm the tide proving abortive.

Yesterday, the volume of shares traded by investors decreased by 85.3 per cent to 758,393 units from the 5.2 million units recorded on Monday, but the value jumped by 159.6 per cent to N857.8 million from N330.4 million, and the number of deals increased by 84.9 per cent to 61 deals from 33 deals.

Capital Hotels Plc was the most active stock by volume (year-to-date) with 259.6 million units worth N1.3 billion, Afriland Properties Plc followed with 230.4 million units sold for N4.1 billion, and Industrial and General Insurance (IGI) Plc with the sale of 218.8 million units for N46.1 million.

Also, Aradel Holdings Plc maintained its stance as the most active stock by value (year-to-date) with 8.1 million units sold for N24.9 billion, Afriland Properties Plc trailed with 230.4 million units valued at N4.1 billion, and CSCS Plc with 102.2 million units worth N2.5 billion.