Bears Tighten Grip on NASD OTC Exchange After 0.15% Loss

By Adedapo Adesanya

The dominance of the bears at the NASD Over-the-Counter (OTC) Securities Exchange was further cemented on Wednesday after the market depreciated by 0.15 per cent.

The loss was influenced by the price declines in the shares of the Nigerian Exchange (NGX) Group Plc and NASD Plc, overpowering the gains posted by FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc.

Business Post reports that the NASD Unlisted Security Index (NSI) went down by 1.09 points yesterday to 735.55 points from 736.64 points, while the market capitalisation decreased by N950 million to N639.32 billion from N640.27 billion it closed in the preceding session.

The share price of NGX Group Plc declined by N1 or 7.7 per cent to N13 per unit from the previous N14 per unit, while NASD Plc went down by 4 kobo or 0.7 per cent to N6.11 each from N6.15 each of the previous day.

As for Friesland, its value went up by 50 kobo or 0.4 per cent to N122 per share from N121.50 per share, while CSCS gained 11 kobo or 0.7 per cent to trade at N17 per unit in contrast to N16.89 per unit it traded on Tuesday.

During the trading day on the NASD OTC Exchange, the trading volume witnessed a 110.1 per cent increase to 3.9 million units from 1.9 million units, the trading value rose by 160.3 per cent to N39.1 million from the preceding session’s N15.0 million, while the number of deals appreciated by 79.2 per cent to 43 deals from the 24 deals executed a day earlier.

At the close of transactions, Geo Fluids Plc maintained its position as the most traded stock by volume (year-to-date) with the sale of 1.0 billion units for N700.1 million. NGX Group Plc trailed with 433.7 million units valued at N8.9 billion, while Food Concepts Plc has transacted 297.2 million units worth N387.6 million.

On the flip side, NGX Group Plc remained as the most traded stock by value (year-to-date) with 433.7 million units of its securities sold for N8.9 billion. VFD Group Plc remained in the second spot with 9.4 million units of its securities valued at N3.1 billion, while Friesland has traded 8.3 million units worth N1.0 billion.