Investors Shun NASD Exchange Third Time This Month

By Adedapo Adesanya

Investors appear to be playing it safe again as they shunned trading of stocks at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27, making it the third time this month this is happening.

Business Post, via a telephone chat with the Head of Human Resources and Administration at the bourse, Mrs Chioma Mbagwu, received clarification that there was no trade on Monday.

It appears investors are trying to ‘stay safe’ amid the current COVID-19 pandemic ravaging markets globally, despite notable growths recorded at the NASD so far this month.

Last week, the NASD OTC Security Index (NSI) and market capitalisation closed the trading week positive at 700.73 points and N514.74 billion respectively.

This was majorly pushed by securities depository company, Central Securities Clearing Systems (CSCS) Plc, which pulled a 4.2 percent growth in its stock price from N13 per share to N13.55 per share.

According to data made available at the NASD trading platform, there were no changes to the volume and value of trades at the bourse yesterday.

At the close of business yesterday, insurance firm ARM Life Plc remained the most traded stock by volume (year-to-date) with 7.4 billion units of its shares traded for N4.6 billion traded. Food Concept Plc was in second place with 110 million units traded at N77 million, while Lighthouse Financial Services Plc followed in third place with 48 million units traded at N24 million.

In terms of the most traded equity by value (year-to-date), ARM Life Plc still retained the top spot with 7.4 billion units of its securities transacted for N4.6 billion. Niger Delta Exploration and Production (NDEP) Plc came trailed with 6.5 million units valued at N2.03 billion, while CSCS Plc followed in third spot with 24.2 million units worth N287 million.

Business Post recalls that last Tuesday, April 21, the market recorded no single transaction for the second time this month and just almost a week after, a similar situation occurred.

This first occurrence was on Wednesday April 1, the second day of the federal government imposed lockdown in Lagos, Ogun, and the Federal Capital Territory (FCT).