NASD Market Rebounds by 1.77% to Close Bullish Wednesday

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to gaining ways on Wednesday after closing flat at the previous market. At yesterday’s session, both the NASD Security Index (NSI) and the market capitalization, with other parameters pointed north.

For instance, the market capitalization rose by 1.77 percent or N8.95 billion at the close of the midweek transactions to settle at N513.12 billion compared with N504.17 billion it finished on Tuesday. For the NSI, it also appreciated by 1.77 percent or 12.45 points to close at 714.21 points in contrast to 701.76 points recorded at Tuesday’s trading session.

A look at the activity level showed that the volume of transactions recorded yesterday increased to 139,340 units from 50,510 units the previous day, representing a growth of 175.9 percent equivalent to 88,830 units.

In the same vein, the value of total shares transacted by investors increased on Wednesday by 1,733.8 percent to N11.6 million in contrast to N633,490 achieved on Tuesday.

The total number of deals executed at the exchange also went up during the trading day by 240 percent or 12 deals. A total of 17 deals were recorded yesterday compared with five deals on Tuesday.

The NASD OTC Exchange which is a demutualized entity (NASD Plc) was the only gainer on Wednesday as its share price rose by 10 Kobo to close at N3.60 per share from N3.50 per share.

Central Securities Clearing System (CSCS) Plc retained the bourse’s top spot in value terms (year-to-date) with 202,272,698 units worth N2.53 billion, UBN Properties followed on the list with 884,529,600 units of its stocks sold for N1.2 billion.

Food Concept Plc, on the hand, held the forte as the market’s top of trades position by volume (year to date) with a total transaction of 1,158,828,284 units valued at N844.0 billion, while UBN Properties followed with 921,841,397 units worth N1.24 billion.