NDEP Boosts NASD OTC Exchange by 0.4% Wednesday

By Adedapo Adesanya

As the year 2020 winds down, the bull made an appearance on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, December 30, causing the market to rise by 0.4 per cent.

The day’s favourable outcome was boosted by the Niger Delta Exploration and Production (NDEP) Plc which recorded a rise in its stock price.

At the previous session, which was the first trading day after the Christmas holidays, the unlisted securities market closed in a stalemate.

But at the midweek session, this changed as the NASD unlisted securities index (NSI) moved up by 2.89 points to 732.30 points from 729.41 points, while the market capitalisation gained N2.06 billion to wrap the day at N525.43 billion in contrast to N523.37 billion it ended the preceding day.

On Wednesday, NDEP Plc recorded a price appreciation of N11.40 or 3.5 per cent to close at N340 per share in contrast to N328.60 per share it closed the previous day.

During the midweek session, the trading volume improved by 6.7 per cent as a total of 8,000 units of shares exchanged hands compared with the 7,500 units transacted previously.

However, there was a decline in the number of deals by 50 per cent as only a single deal was executed as against the two deals recorded at the previous session. The single deal was executed on the day’s lone price mover, NDEP Plc.

But at the close of business, the trading value went up by 229.7 per cent to N2.7 million compared with the previous day’s N825,000.

Business Post reports that ARM Life Plc maintained its position as the most traded stock by volume (year-to-date) with 7.4 billion units of its shares worth N4.6 billion. Central Securities Clearing Systems (CSCS) Plc was in second place with 213.7 million units traded at N2.9 billion, while Food Concepts Plc followed with 152.2 million units traded at N109.5 million.

In terms of the most traded stock by value (year-to-date), ARM Life Plc also retained the top spot after transacting 7.4 billion units worth N4.6 billion. NDEP Plc came next with 12.0 million units of securities exchanged for N3.7 billion, while CSCS Plc sat in third place trading 213.7 million units valued at N2.9 billion.