Investors Stay Away from NASD OTC Market Monday

By Adedapo Adesanya

Investors avoided trading at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, March 21, according to data from the bourse.

At the previous session, which was on Friday (March 18), the unlisted securities market had closed flat with the total value of stocks on the platform closing at N601.38 billion and the NASD Unlisted Securities Index (NSI) remaining static at 710.19 basis points.

It could be deduced that the investing public stayed away from the market yesterday because of the significant loss of N20.3 billion achieved last week and investors are still trying to get over this.

According to the 11th week NASD market review and analysis observed by Business Post, the market capitalisation dropped to the current level compared to N621.67 billion in the previous week (Week 10).

In terms of the NASD OTC Securities Exchange Index, it fell by 3.3 per cent or 23.97 points last week from 734.16 points.

While no trade occurred on Monday, Central Securities Clearing Systems (CSCS) Plc remained as the most traded security by volume (year-to-date) with 659.1 million units sold for N13.8 billion, followed by AG Mortgage Bank Plc with 36.1 million units valued at N18.8 million and NASD Plc with 32.4 million units valued at N321.0 million.

Also, CSCS Plc remained as the most traded stock by value (year-to-date) with 659.1 million units valued at N13.8 billion, followed by VFD Group Plc with 916,161 units worth N331.5 million, and NASD Plc with 32.4 million units traded for N321.0 million.