CSCS Saves Unlisted Securities Market from Further Loss

April 22, 2021
Regconnect CSCS

By Adedapo Adesanya

The bearish run at the NASD Over-the-Counter (OTC) Securities Exchange could not extend into a third day due to the 0.82 per cent appreciation recorded on Wednesday.

The growth recorded by the unlisted securities market was propelled by the Central Securities Clearing Systems (CSCS) Plc, which gained 5.9 per cent or 89 kobo to settle at N16 per share in contrast to N15.11 per share it closed at the previous session.

However, its cousin, the Nigerian Exchange (NGX) Group Plc, could not replicate this feat as it further went down yesterday by 6.4 per cent or N1.15 to close at N16.74 per unit compared to N17.89 per unit of the previous session.

Its loss could not sway the overall outcome of the market as the market capitalisation of the bourse increased by N4.45 billion to N546.35 billion from N541.90 billion, while the NASD Unlisted Security Index (NSI) climbed up by 6.26 points to 768.63 points from 762.37 points.

A total of 5.7 million shares were exchanged at the NASD OTC Exchange on Wednesday compared with the 28.0 million shares transacted on Tuesday, indicating a decline of 79.8 per cent.

Also, the value of shares transacted by investors reduced by 79.6 per cent to N94.8 million from N464.2 million exchanged at the last session.

However, there was a 30.77 per cent increase in the number of deals achieved at the midweek trading session as 64 deals were executed compared with 52 deals carried out a day before.

These deals were carried out on four companies with the NGX Group contributing 63 deals, CSCS Plc accounted for three deals, while Afriland Plc and the Niger Delta Exploration and Production (NDEP) Plc contributed one deal each.

At the close of business, NGX Group remained as the most active stock by volume (year-to-date) with 39.7 million units of its securities traded for N782.3 million. It was trailed by CSCS Plc with 25.5 million units of its securities valued at N388.8 million and UBN Property Plc with 21.9 million units valued at N24.6 million.

Equally, the NGX Group was the most active stock by value (year-to-date) for trading 39.7 million units worth N782.3 million, with NDEP Plc in second place with 2.3 million units worth N703.6 million, and FrieslandCampina WAMCO Nigeria Plc in the third position with 4.1 million units of its shares worth N512.4 million.

Adedapo Adesanya

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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