Friesland, NEDP Drag NASD OTC Exchange Index Down by 2.08%

By Adedapo Adesanya

The NASD OTC Securities Market ended on a negative note on Wednesday, October 16, 2019 with the key market metrics depreciating after recording flat rates at the two previous trading sessions on Monday and Tuesday.

At the midweek session, the market capitalisation dropped 2.08 percent or N10.66 billion to settle at N501.71 billion compared with N512.37 billion it ended at the previous session.

Similarly, the NASD Unlisted Security Index (NSI) went down by 2.08 percent or 14.84 points to close at 698.33 points, lower than 713.17 points that was quoted on Tuesday.

However, the volume of transactions at the market saw a continuous rise on Wednesday to 333,920 units from the 171,500 units in the previous session, indicating a rise of 94.7 percent or 162,420 units. On Tuesday, the volume of transactions had risen by 1,915 percent.

Also, the value of the traded securities rose to N88.7 million on Wednesday from N35.02 million on Tuesday. This means that the total value of shares went up by 153.4 percent or 53.68 million.

During the trading session, the market recorded further leap in number of deals executed by traders as a total of 15 deals were completed compared with the 10 deals of Tuesday, indicating a 50 percent boom.

Despite this, both Friesland Campina Wamco Plc and Niger Delta Exploration and Production (NEDP) Plc saw their share prices trading down after Wednesday’s session.

Friesland saw its share price lose N3.84 to trade at N130.01 per share from N135.00 that was previously quoted, while, NEDP saw its share price lose N10.93 to fall to N292 per share against N323.92 that it formerly traded.

Still as at Wednesday, the top of trades position by volume (year to date) was held by Food Concept Plc with a total transaction of 1,158,797,004 units valued at N843.97 billion, while UBN Properties followed with 891,085,220 units worth N1.21 billion.

Central Securities Clearing System (CSCS) Plc also retained top spot in terms of value by year-to-date with 202,272,698 units worth N2.53 billion transacted from the beginning of this year till yesterday, with UBN Properties following on the list with 884,529,600 units of its stocks sold 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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