NASD OTC Bourse Appreciates By 4.27% to N1.12trn

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 4.27 per cent on Wednesday, August 2, pushing the market capitalisation of the bourse to an unprecedented level.

Business Post reports that the value of the NASD OTC bourse grew by N45.88 billion during the session to N1.120 trillion from the previous day’s N1.074 trillion, as the NASD unlisted securities index (NSI) increased by 33.17 points to 809.70 points from 776.53 points.

The appreciation reported by the alternative stock market yesterday was inspired by the rise in the share prices of Central Securities Clearing System (CSCS) Plc and Acorn Petroleum Plc.

CSCS Plc gained N1.40 to sell at N18.40 per unit compared with the preceding session’s N17.00 per unit, and Acorn Petroleum Plc improved by 1 Kobo to close at 22 Kobo per share versus Tuesday’s 21 Kobo per share.

The market witnessed a decline in the volume of securities traded as investors exchanged 29,133 units of stocks compared with the 2.1 million units of stocks transacted a day earlier, representing a decline of 98.6 per cent.

Also, the value of shares traded yesterday went down by 99.3 per cent to N392,923 from the N52.5 million achieved in the previous trading day, while the number of deals decreased by 68.2 per cent to seven deals from the 22 deals carried out on Tuesday.

CSCS Plc closed the trading session as the most traded stock by volume (year-to-date) with 1.1 billion units valued at N21.2 billion, Geo-Fluids stood in second place with 631.0 units worth N1.1 billion, while Industrial and General Insurance (IGI) Plc was in third place with 608.3 million units valued at N48.1 million.

CSCS Plc was also the most traded stock by value (year-to-date) as it traded 1.1 billion units worth N21.2 billion, VFD Group was in the second spot for selling 18.9 million units worth N4.2 billion, while FrieslandCampico Wamco Nigeria Plc was in third place with 18.3 million units valued at N1.3 billion.