Market Loses N18.4bn as Allianz Delists Shares from NASD

By Adedapo Adesanya

The major performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange closed mixed on Wednesday, December 23.

During the session, the NASD Unlisted Security Index (NSI) rose by 0.04 per cent or 0.29 points to end the day at 722.01 points as against 721.72 points it recorded at the previous session.

However, the market capitalisation depreciated by N18.39 billion or 3.43 per cent to close at N518.06 billion in contrast to N536.45 billion it finished the preceding day.

The drop in the value of the securities admitted on the exchange was caused by the delisting of Allianz Insurance Nigeria from the trading platform yesterday.

Allianz had announced its delisting from the daily official list of the NASD Exchange on Wednesday as it commenced its journey of being a private company, changing its status to an LTD from a Plc.

At the market yesterday, there was a rise in the volume of securities traded by 2,513.1 per cent to 1.4 million units from the previous day’s 53,660 units.

These trades came from two deals executed on two companies; FrieslandCampina WAMCO Nigeria Plc and Geo Fluids Plc. At the preceding session, four deals were executed by investors, indicating a 50 per cent decline.

But the value of these transactions recorded yesterday depreciated by 93.1 per cent as stocks valued at N1.1 million exchanged hands in contrast to the N16.1 million shares traded on Tuesday.

At the close of transactions, Geo Fluids Plc ended the day as the only price gainer as its share price moved up by 5 kobo or 9.4 per cent to 58 kobo per unit from 53 kobo.

ARM Life Plc closed the session as the most traded stock by volume (year-to-date) with 7.4 billion units of its shares traded for N4.6 billion, while CSCS Plc has traded 213.7 million units worth N2.9 billion, with Food Concepts Plc transacting 152.2 million units worth N109.5 million.

Also, ARM Life Plc was the most traded stock by value (year-to-date) with 7.4 billion units traded for N4.6 billion, while Niger Delta Exploration and Production (NDEP) Plc has exchanged 11.9 million securities valued at N3.7 billion, with CSCS Plc trading 213.7 million units valued at N2.9 billion.