In One Week, NASD Exchange Loses N13.9bn

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange reduced significantly last week and the reason was the delisting of one of the companies admitted on the exchange, Allianz Insurance.

The company left the bourse last week to begin its journey as a private company and this means shares of the firm would no longer be available at the OTC.

This development led to the reduction of the total value of stocks on the NASD OTC exchange to decrease by N13.9 billion at the 52nd trading week of 2020.

At the close of transactions, the market capitalisation closed at N523.37 billion compared to N537.27 billion it finished the preceding week.

However, the NASD Unlisted Security Index (NSI) closed bullish last week with a 0.91 per cent growth, ending at 729.41 points as against 722.82 points it closed a week earlier.

In the week, two companies settled on the gainers’ chart and they were Geo-Fluids Plc and Niger Delta Exploration and Production (NDEP) Plc.

For Geo-Fluids Plc, which currently holds a market capitalisation of N2.68 billion, it gained 18.9 per cent to settle at 63 kobo per share in contrast to 53 kobo per share it ended the previous week.

Also, NDEP Plc, which currently holds a market capitalisation of N59.61 billion, improved by 7.7 per cent to settle at N328.60 per share as against N305 per share it was sold a week earlier.

On the activity chart, there was a 64.8 per cent decrease in the total value of stocks traded at week 52; N33.3 million versus N94.5 million of the previous week.

Equally, the volume of stocks traded during the week reduced by 41.9 per cent to 3,115,608.00 units from 5,370,977.00 units transacted in the previous week, while the number of deals dropped by 6.7 per cent to 14 deals compared to 15 deals executed in week 51.

Geo Fluids was the most traded stock by volume last week with 3 million units and was followed by NDEP, which traded 90,968 units, with FrieslandCampina WAMCO Nigeria Plc trading 23,010 units and Central Securities Clearing Systems Plc transacting 1,630 units.

In terms of the value of stocks, NDEP Plc ranked top with N28.4 million units, FrieslandCampina WAMCO Nigeria Plc traded N3.0 million, Geo Fluids Plc transacted N1.8 million, while CSCS executed N25,631.

On a year-to-date basis, the unlisted securities market in Nigeria has traded 7,929,201,837 shares worth N12.7 billion executed in 1490 deals. Also, the market has gained 4.6 per cent this year.