Adedapo Adesanya
By Adedapo Adesanya
The performance of the NASD Over-the-Counter (OTC) Securities Exchange in the month of November 2019 was not impressive, closing bearish for the seventh month.
The major market indicators, the NASD Unlisted Security Index (NSI) and market capitalisation both declined by 0.92 percent in the month on the back of the decline in the price of three stock bellwethers and two others.
At the close of transactions last month, the market capitalisation depreciated by N4.62 billion to close at N497.75 billion against N502.37 billion it opened the month with. In the same vein, the NSI went down by 6.43 point to close at 692.82 points compared with 699.25 points it opened with.
One of the market bellwethers, Friesland Campina WAMCO Nigeria Plc, topped the losers’ table as the food processing company recorded a total loss of N12.98, representing a decline of 10.14 percent to close at N115.00 per share. In a far second place was UBN Properties Plc, which shed N0.14, indicating an 8.60 percent decline to close at N1.49 per share.
Business Post gathered that no stock recorded month-on-month gain in the month of November, compared with three stocks that appreciated in the month of October. On the other hand, five stocks declined in price, higher than three recorded in the previous month, while 34 securities remain unchanged.
Out of the 39 securities admitted to trade on NASD OTC platform, only 18 were traded last month, higher than 13 trades in October.
The bourse recorded a total turnover of 51.36 million shares worth N1.07 billion in 202 deals in the month of November, in contrast to the 8.25 million shares worth N296.61 million traded in 164 deals in October, 2019.
In the month of November, Business Post reported that VFD Group Plc was admitted to trade on the NASD OTC Securities Exchange with the code SDVFDGROUP. The company issued 84.74 million unit of shares at the nominal value of N0.50 per share and market price N105.07, resulting to N8.90 billion in market capitalisation.
