CSCS Persuades Bulls to Remain at NASD OTC Market

By Adedapo Adesanya

The 50 kobo price appreciation recorded by the shares of the Central Securities Clearing Systems (CSCS) Plc ensured that the bulls extended their stay on the floor of the NASD Over-the-Counter (OTC) Securities Exchange for a successive trading session on Tuesday.

Stocks of the depository company, which appreciated by the same value to N14 per unit at the previous session, further grew by 3.6 per cent on Tuesday to settle at N14.50 each.

The company thus ended the day as the sole price advancer. There was no price loser during the trading session.

The gains recorded by CSCS contributed to the 0.47 per cent growth achieved by the unlisted equities market yesterday and this increased the NASD Unlisted Security Index (NSI) by 3.4 points, closing at 729.94 points as against 726.54 points it recorded on Monday.

In the same vein, it influenced the uplifting of the market capitalisation by N2.5 billion to N536.19 billion from N533.69 billion it ended at the prior day.

However, during the session, the total volume of securities traded by investors fell by 99.9 per cent as 10,650 securities exchanged hands compared with the 29.1 million units achieved on Monday.

Equally, the total value of transactions depreciated by 97.8 per cent to N235,317.50 from N108.2 million recorded at the previous trading day.

Also, the number of deals executed by market participants declined by 60 per cent as only two deals were carried out in the session compared to five deals of the preceding session.

These deals were shared by two companies namely; FrieslandCampina WAMCO Nigeria Plc and CSCS Plc, which made one deal each.

Business Post reports that ARM Life Plc remained as the company with the highest number of traded securities on a year-to-date basis, exchanging 7.4 billion units of its shares worth N4.6 billion. CSCS Plc was in second place with 203.1 million units worth N2.7 billion, while Food Concept Plc held the third position with 128.1 million units of its shares worth N90.2 million.

Also, the insurer remained as the most traded stock by value (year-to-date) with 7.4 billion units valued at N4.6 billion, while NDEP Plc followed with 10.4 million units worth N3.2 billion, with CSCS Plc in the third spot for transacting 203.1 million units valued at N2.7 billion.