NDEP Stocks Deflate NASD Exchange by 0.88%

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange ended Monday’s session in the negative territory after shedding 0.88 percent.

This was caused by an oil and gas investment company listed on the bourse, Niger Delta Exploration and Production (NDEP) Plc.

The share price of the company depreciated by N25 yesterday to N270 per share from N295 per share it previously quoted.

Investments in the oil sector have declined globally due to the COVID-19 pandemic. This has affected players in the sector, including in Nigeria.

Business Post reports that the loss recorded by the oil investment firm on Monday affected the market capitalisation of the unlisted securities market, which depleted by N4.54 billion to N509.92 billion from N514.46 billion.

In the same vein, the NASD Unlisted Security Index (NSI) depreciated by 6.17 points to close at 694.18 points as against 700.35 points it ended the previous session.

However, the activity chart closed green yesterday despite the key market performance indicators closing in red.

The total volume of securities transacted by investors at the session increased by 286 percent to 17,250 units from the 4,475 units exchanged at the previous session.

Also, the value of the transactions recorded at the market increased by almost 500 percent to N2.9 million from N483,300.

In addition, the number of deals executed during the session improved by 300 percent to eight from the two deals achieved last Friday.

A breakdown of these eight deals were executed by FrieslandCampina WAMCO Nigeria Plc (five deals), NDEP Plc (two deals), and Central Securities Clearing Systems (CSCS) Plc (one deal).

At the close of transactions on Monday, NDEP Plc ended the day as the market’s sole decliner, while there was no price gainer.

ARM Life Plc closed the session as the most active stock by volume (year-to-date) with 7.4 billion units of its shares traded for N4.6 billion. Food Concept Plc followed with 110 million units worth N77 million, while Lighthouse Financial Services Plc has transacted 48 million shares worth N24 million.

Also, the most traded equity by value (year-to-date) as at yesterday was ARM Life Plc, which has traded 7.4 billion units valued at N4.6 billion. NDEP Plc has transacted 6.8 million units worth N2.1 billion, while FrieslandCampina WAMCO Nigeria Plc has transacted 2.4 million securities valued at N291.5 million.