Afriland Sinks NASD Exchange by 0.03% on Thursday

NASD Afriland Investors Call
Image Credit: NASD Twitter

By Adedapo Adesanya

Afriland Properties Plc led the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory on Thursday, February 13, 2020.

It was the first movement the market was having since the beginning of this week. the exchange had remained flat since on Monday, when the trading for the week kicked off.

At today’s trading session the foremost property development and investment company was the lone price decliner, going down by 10 kobo or 4.8 percent to settle at N2.10 per share in contrast to N2.20 per unit it closed at the mid-week session.

The poor performance of the company affected the general outcome of the unlisted securities market as the total value of stocks on NASD, which is measured by market capitalisation, slightly decreased by 0.03 percent or N140 million to close at N501.59 billion compared with N501.73 billion it quoted on Wednesday.

Likewise, the NASD Unlisted Security Index (NSI) went down by 0.03 percent equivalent to 0.19 points during the session to settle at 697.67 points against 697.86 points recorded at the previous session.

Despite the loss suffered by the exchange, the level of activity improved today as the total number of shares transacted by investors rose significantly by 2,127 percent or 216,319 units to 226,490 units from 10,171 units of shares exchanged the previous day.

Following the same pattern, the total value of shares transacted by traders also rose, but by 1,124 percent or N22.9 million to N25.04 million from N2.05 million exchanged during the midweek session.

The bourse also recorded a higher number of deals as 12 deals were executed by market participants on Thursday compared with the six deals carried out previously.

Niger Delta Exploration and Production (NDEP) Plc remained as the most traded stock by value (year-to-date) at the close of transactions on Thursday. The company has traded 3.7 million units worth of its stocks worth N1.2 billion so far. FrieslandCampina WAMCO, which followed on the chart, has transacted 688,093 units valued at N88.6 million, while Central Securities Clearing System (CSCS) Plc has exchanged 4.2 million shares worth N49.7 million.

In terms of the most traded stock by volume (year-to-date), ARM Life Plc remained on top of the chart with 29 million units of its shares worth N18.3 million. CSCS Plc has traded 4.2 million units valued at N49.7 million, while NDEP has sold 3.7 million units for N1.2 billion.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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