NASD OTC Exchange Closes Year Bearish by 0.36%

Image
NASD OTC Exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the year 2021 in the negative territory, driven by the downward price movement in the shares of Central Securities Clearing Systems (CSCS) Plc.

The value of the Nigerian depository company went down on Friday at the NASD OTC exchange by 46 kobo or 2.46 per cent to settle at N18.25 per share in contrast to N18.71 per share it traded at the previous session.

This decline depleted the market capitalisation of the bourse by N2.3 billion to close the day at N629.03 billion compared with N631.33 billion it ended on Thursday.

The day also saw the NASD Unlisted Security Index (NSI) go down by 2.72 points to wrap the session at 742.85 points compared with 745.57 points of the previous session.

During the trading day, the volume of shares traded by investors went down by 98.4 per cent to 785,868 units from the previous trading session’s 48.5 million units, while the value of the securities depreciated by 98.6 per cent to N14.4 million from N1.0 billion transacted on Thursday, with the number of deals going down by 28.6 per cent to 10 deals from the 14 deals carried out at the preceding session.

At the close of business, Food Concepts Plc remained as the most active stock by volume (year-to-date) as it has traded 11.4 billion units of its shares for N14.4 billion. Lighthouse Financial Services Plc was in the second position with a turnover of 1.1 billion securities valued at N546.2 million, while Geo Fluids Plc was in third place with the sale of 1.0 billion units worth N700.1 million.

In the same vein, Food Concepts Plc ended the session as the most traded stock by value (year-to-date) for selling 11.4 billion units of its securities for N14.4 billion. The now-exited Nigerian Exchange (NGX) Group Plc remained in the second spot with 456.5 million units of its securities valued at N9.2 billion, while VFD Group Plc occupied the third spot with the sale of 10.4 million units worth N3.5 billion.

Share
Related Stories
Image
30-November-2023

House of Reps to Halt IOCs from Selling Oil Assets

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

Image
01-December-2023

Angola May Exit OPEC Amid Quota Rift

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

Image
01-December-2023

NASD OTC Bourse Survives Scare, Gains 0.03%

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

More Stories
Image
01-July-2022

Qatar 2022: FIFA to Use Semi-Automated Offside Technology

By Adedapo Adesanya The Federation of International Football Association (FIFA) has announced that semi-automated offside technology will be used at the FIFA World Cup 2022 in Qatar. The new technology will offer a support tool for the video match officials and the on-field officials to help them make faster, more accurate and more reproducible offside decisions on the biggest stage of all. Following the successful use of VAR technology at the 2018 FIFA World Cup in Russia, FIFA President, Mr Gianni Infantino, declared in The Vision 2020-23 that FIFA would strive to harness the full potential of technology in football

Image
31-July-2022

Don’t Sanction BBC, Daily Trust Over Documentaries—SERAP Urges Buhari

By Adedapo Adesanya President Muhammadu Buhari has been urged by the Socio-Economic Rights and Accountability Project (SERAP) not to sanction the British Broadcasting Corporation (BBC) and Daily Trust over their documentaries on terrorism in the country. Last week, the Minister of Information and Culture, Mr Lai Mohammed, said that the BBC and Trust TV, run by Daily Trust Newspapers, would be punished by the federal government for airing documentaries that allegedly “glorify”, “promote”, and “fuel” terrorism and banditry in Nigeria. In a letter dated July 30, 2022, signed by SERAP deputy director, Mr Kolawole Oluwadare, the organization said, “The media

Image
31-January-2020

MTN May Reduce Stake in Nigeria to 65%, Selloff 14%

By Dipo Olowookere Leading telecommunications company in Africa, MTN Group Limited, is considering selling off some of its majority stake in its Nigerian unit. The local arm of the telecom giant was listed on the Nigerian Stock Exchange (NSE) in May 2019 after years of back and forth with the domestic authorities after it was slammed with a huge fine for failing to disconnect some unregistered subscribers on its network. MTN wants to raise fresh capital to pay down debt and simplify a portfolio of telecom businesses that spreads across Africa and the Middle East, Bloomberg said in a report

Image
30-November-2019

FrieslandCampina Woes at NASD Market Continue, Sheds N3.74

By Adedapo Adesanya  FrieslandCampina Wamco Plc’s performance further took a worse turn on Friday, November 29, 2019 at the NASD over-the-counter Securities Exchange just as the trading platform for unlisted securities suffered another loss for the third consecutive day this week. The losses posted by FrieslandCampina WAMCO at the exchange have occurred as the company continue to celebrate a Memorandum of Understanding (MoU) signed with Niger State for 10,000 hectares of land at the Bobi Grazing Reserve in the state under FrieslandCampina WAMCO’s Dairy Development Programme (DDP) on Tuesday. At the Friday’s trading session, share price of the food processing

Image
28-February-2017

Trump’s Speech: Wall Street Risks Choppy Trading

By Modupe Gbadeyanka The major U.S. index futures are pointing to a roughly flat opening on Tuesday as traders await President Donald Trump’s highly anticipated speech to a joint session of Congress. The markets have recently benefited from optimism about pro-business policies under Trump, and traders will be looking additional details on his policies on tax reform, deregulation, and infrastructure spending. Early trading may also be impacted by reaction to a slew of U.S. economic data. After initially moving to the downside, stocks turned higher over the course of the trading session on Monday. With the turnaround on the day,

Image
23-February-2022

Bank the Eazy Way With the Zenith Bank QR Service: Another Unique Way of Online Banking

Arguably the largest financial service provider in Nigeria and Anglophone West Africa, Zenith Bank has introduced a new and unique way of Banking the EaZy Way with the Zenith Bank QR Service. The new innovation by the tier one bank, will enable customers and prospective customers to among other things; Open an Account, Get the Zenith Bank Mobile App, Request a Zenith Virtual Card, Get the Zenith Scan to Pay App, Get the Zenith Bank e-Token App, Chat with ZiVA and Resolve Dispense Error. It will also help to Reactivate Dormant Account, Unlock/Reset Hardware Token, Update BVN, Zenith Trade Portal,

Image
06-August-2018

Nigeria’s Oil Exports Rise by 1.9% to 1.64m bpd in July

By Dipo Olowookere The volume of crude oil exported by Nigeria in the month of July 2018 increased by 1.90 percent, Business Post is reporting. According to a report by Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month. The increase in the volume of oil exported by the Africa’s largest market was the highest in four months. The rise was attributed to Shell’s lifting of export restrictions on key Bonny Light grade during the month of July. Business Post recalls that on Friday, July 14,

Ad
Ad
Recent Stories
Image
02-December-2023

Sanwo-Olu Assures Businesses More Incentives, Commissions New Godrej Factory

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

Image
02-December-2023

Nigerian Exchange Begins December With 0.08% Growth

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

Image
01-December-2023

CBN Orders Banks to Place PND on Accounts Without BVN, NIN

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

Image
01-December-2023

LCCI Demands Transparency in CBN Recapitalisation Plan

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

Image
01-December-2023

IFC, ACP to Scale Emerging Market Climate Investments

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

Image
01-December-2023

Obaseki Wishes Rema Speedy Recovery

By Bliss Okperan The Edo State Governor, Mr Godwin Obaseki, has wished Afrobeats singer, Divine Ikubor, popularly known as Rema, a speedy recovery. In a message via his X (formerly Twitter) handle on Thursday, the Governor said the people of Edo State, where the singer hails from, are proud of him and remain behind him every step of the way. “We are extremely proud of you and remain behind you every step of the way,” a part of his post read. Mr Obaseki said the remarkable achievements of the artiste “over the years fill us with immense pride and joy.”

Image
01-December-2023

Nigeria Customs Service Develops App to Automate Transire

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

Image
01-December-2023

Nasarawa Assembly Elects New Speaker, Deputy

By Bliss Okperan The Nasarawa State House of Assembly has announced its election of Danladi Jatau, representing Kokona West Constituency, as the new Speaker. The state parliament also disclosed on Friday that it now has a new Deputy Speaker, who is Mohammed Oyanki, the lawmaker representing Doma North Constituency. The election of the two principal officers of the legislative arm of the state followed the sacking of its former Speaker, Mr Ibrahim Abdullahi, by the Appeal Court sitting in Abuja on Tuesday. While the new Speaker is a member of the All Progressives Congress (APC), his deputy is a member

Image
01-December-2023

Nico Williams Signs Contract Extension With Athletic Bilbao

By Bliss Okperan A 21-year-old Spanish international winger, Nico Williams, has extended his current deal with Athletic Bilbao, which expires in June 2024, by three seasons. He agreed to remain with the Spanish football outfit until 2027, the La Liga club confirmed this action on Friday. Nico Williams, whose elder brother, Inaki Williams, also plays for Athletic Bilbao, scored nine goals in 43 games in all competitions for the club last season. He represented Spain in the last World Cup in Qatar, while his brother played for their home country, Ghana. The younger Williams has reportedly been targeted by league

Image
01-December-2023

12 LASTMA Officials Face Disciplinary Panel

By Bliss Okperan Twelve officials of the Lagos State Traffic Management Authority (LASTMA) have faced a disciplinary panel constituted to look into the allegations of unethical misconduct against them. The Acting General Manager of LASTMA Mr Olalekan Bakare Oki, confirmed on Thursday that the affected personnel of the agency could be dismissed or demoted if found guilty. He disclosed that the disciplinary panel was statutorily constituted with three Permanent Secretaries as guided by the Lagos State Civil Service Rules and Regulations. Mr Oki said one of the 12 persons was exonerated, while the others have been recommended for dismissal and