NASD OTC Bourse Drops Further by 0.15% Wednesday

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further closed in the negative territory at the midweek trading session.

A day before, the market had closed 1.11 per cent lower and at the third session for the week, the NASD Unlisted Securities Index (NSI) further fell by 0.15 per cent or 1.06 points to end at 709.43 points compared to 710.49 points of the previous session.

Also contracting was the market capitalisation, which depreciated by 0.15 per cent or N780 million to N521.12 billion as against the previous level of N521.29 billion.

This contraction at the market yesterday was caused by a drop in the share price of the market’s only decliner, UBN Properties Plc.

The real estate investment company recorded a decline of 14 kobo equivalent to 11.1 per cent to close at N1.40 per share as against N1.26 per share it previously quoted.

Business Post reports that there was a price gainer on Wednesday, though its appreciation could not save the market from slipping to danger zone.

The price gainer was FrieslandCampina WAMCO Nigeria Plc, which had its share price rising marginally yesterday by 0.01 per cent or one kobo to sell for N120.01 per share as against N120 per share it previously sold.

There was a rise in the total volume of securities traded at the midweek by 42.5 per cent as a total of 761,395 units were traded compared with the 534,500 units of securities traded at the previous session.

These came from eight deals executed from three admitted companies during the session at the exchange; FrieslandCampina WAMCO Nigeria Plc – four deals, while Central Securities Clearing Systems (CSCS) Plc and UBN Properties had two deals each.

All the shares traded at the session amounted to N61.04 million, 14.5 per cent lower than the N71.4 million achieved at the previous session.

ARM Life Plc closed the session as the company with the highest volume of traded shares (year-to-date) with 7.4 billion units worth N4.6 billion, while CSCS Plc traded 200.5 million units worth N2.7 billion, with Food Concept Plc transacting 125.1 million units of its shares worth N88.1 million.

Also, ARM Life Plc remained as the most active stock by value (year-to-date) with 7.4 billion units of its shares worth N4.6 billion. Niger Delta Exploration and Production (NDEP) Plc trailed with N8.7 million units of its securities valued at N2.7 billion, while CSCS Plc followed with 200.5 million units exchanged for N2.7 billion.