Unlisted Securities Market Rebounds by 0.03% Wednesday

By Adedapo Adesanya 

After a series of contractions, the NASD Over-the-Counter (OTC) Securities Exchange made a marginal recovery of 0.03 percent on Wednesday, May 13.

On Monday (May 11), the market shed 0.88 percent and the next day, Tuesday (May 12), it was greeted with a 0.84 percent contraction. However, on Wednesday, the market made a comeback and was rewarded for its effort with a slight recovery.

Business Post observed that the marginal 0.03 percent growth recorded by the unlisted securities market in Nigeria yesterday was spurred by properties investment company, Afriland Properties Plc, which saw its share price rising by 10 kobo at the midweek session to settle at N2.20 kobo in contrast to N2.10 kobo it traded previously.

The ‘little gain’ printed by Afriland Properties pushed the market capitalisation up by N140 million to N505.76 billion from N505.62 billion it quoted at the previous session on Tuesday.

Also, the NASD Unlisted Security Index (NSI) appreciated by 0.19 points to close at 688.51 points as against 688.32 points recorded at the previous session.

The total volume of securities transacted at the session increased by 35 percent to 12,500 units from 9,240 units traded on Tuesday.

However, the value of shares traded by market participants decreased by 97 percent to N27,500 from N997,920, with the number of deals falling by 75 percent to one from four deals of the previous day.

This lone deal was executed by the market’s advancer, Afriland Properties.

ARM Life Plc closed the session as the most active stock by volume (year-to-date) with 7.4 billion units of its shares sold for N4.6 billion. Food Concept Plc was in second place with 110 million units worth N77 million, while Lighthouse Financial Services Plc held the third position with 48 million units of its shares traded for N24 million.

ARM Life Plc also ended the day as the most active stock by value (year-to-date) with 7.4 billion units of its stocks transacted for N4.6 billion. Nigeria Delta Exploration and Production (NDEP) Plc followed with 6.8 million units exchanged for N2.1 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 2.4 million units of its securities valued at N292.5 million.