NASD OTC Exchange Grows 1.13% in Three Trading Days

Image

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the 18th week of trading in the bullish territory last week as it grew by 1.13 per cent in three days.

The market index closed higher by 9.25 points to 702.64 points from 693.39 points, while the market capitalisation increased by N12.15 million to N923.88 billion from N911.73 billion.

Business Post reports that the outcome at the market occurred on the back of positive movement in the prices of FrieslandCampina WAMCO Nigeria Plc and Niger Delta Exploration and Production (NDEP) Plc.

Friesland gained 16.8 per cent to sell for N110.00 per share compared with the previous week’s N94.15 per share, while NDEP Plc rose by 7.9 per cent to N203.00 per unit from the earlier week’s N188.06 per unit.

However, Central Securities Clearing System (CSCS) Plc was on the losing side last week after its value depleted by 6.9 per cent to N15.83 per unit from N17.00 per unit, while NASD Plc lost 2.9 per cent to trade at N13.60 per share in contrast to Week 17’s N14.00 per share.

Data concerning the trades showed that the value of transactions declined by 69.0 per cent to N176.7 million from N570.4 million, the volume of transactions dropped 96.1 per cent to 2.1 million units from 52.9 million units, while the number of deals depreciated by 77.6 per cent to 32 deals from 144 deals.

FrieslandCampina was the most traded stock by volume with 1.8 million units, followed by NASD Plc with 200,000 units, CSCS Plc with 62,100 units, NDEP Plc with 23,660 units and 11 Plc with 2,750 units.

Also, FrieslandCampina was the most traded stock by value with N167.7 million, trailed by NDEP Plc with N4.7 million, NASD Plc with N2.7 million, CSCS Plc with N1.0 million and 11 Plc traded N495,000.

The unlisted securities market has posted a year-to-date loss of 5.4 per cent while a total of 3.1 billion securities worth N17.9 billion have exchanged hands in 1,021 deals.

Share
Related Stories
Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

More Stories
Image
06-March-2023

Flutterwave Assures Customers Safety of Funds, Denies N2.9bn Hack

By Aduragbemi Omiyale A fintech giant, Flutterwave, has denied claims that N2.9 billion was stolen from the accounts of its customers by hackers, assuring the safety of their funds. In a statement issued by the Head of Branding and Storytelling at Flutterwave, Ms Yewande Akomolafe-Kalu, the firm stressed that it “has not been hacked.” It explained that during a routine check of its transaction monitoring system, it observed an unusual trend of transactions on some users’ profiles, and it quickly took action. “At Flutterwave, we understand that our customers’ personal and financial information is of the utmost importance. We take

Image
10-April-2018

Shareholders Seek Buhari’s Intervention on Suspension of Oando Shares

By Modupe Gbadeyanka President Muhammadu Buhari has been urged to use his good office to intervene in the suspension of shares of Oando Plc on the floor of the Nigerian Stock Exchange (NSE). The Securities and Exchange Commission (SEC) placed a technical suspension on the shares of the leading Nigerian energy group last year. The technical suspension made it possible for the shares of the firm to be traded at the stock market, but without price change. A statement issued by the NSE on October 23, 2017 had noted that, “The shares of Oando Plc have been placed on technical

Image
07-April-2021

COVID-19, Technology and the New Face of Small Businesses

By Akeem Lawal The outbreak of coronavirus pandemic (COVID-19) has had a devastating impact that the world is still dealing with. Apart from the negative health implications, the COVID-19 pandemic has also crippled economies and businesses across the globe. Suffice to say that, the resultant effect of the pandemic has led to job losses, pay cuts, travel restrictions and consequently fall in foreign trade and general business activities. The businesses most hit are the Micro Small, and Medium Enterprises (MSMEs). A recent survey by the International Trade Centre (ITC) revealed that the pandemic has strongly affected nearly two-thirds of micro

Image
28-January-2022

Subscription for N20bn FSDH Merchant Bank Series 6, 7 CP Ongoing

By Dipo Olowookere FSDH Merchant Bank Limited is currently selling the series 6 and 7 of its commercial paper and it plans to raise about N20 billion from the exercise. Business Post gathered that subscription for the corporate debt instrument commenced on Wednesday, January 26, 2022, and will end on Monday, January 31, 2022. The exercise is under the financial institution’s N40 billion commercial paper programme issuance, which would be used to finance the company’s short-term working capital requirements and general corporate purposes. According to details of the sales, the series 6 is with 181-day maturity with a discount rate

Image
21-May-2018

AIO Suspends IGI, Prestige Assurance, Others Over Membership Fees

By Modupe Gbadeyanka Some insurance companies operating in Africa have been suspended by the African Insurance Organization (AIO) over their failure to pay subscription fees to the body in the last three years. AIO is a non-governmental organisation recognised by many African governments with the main aim to promote inter-African co-operation and develop a healthy insurance and re-insurance industry on the continent. It was established in 1972. The current membership of the AIO is 326 members: 315 of them from 45 countries in Africa and 11 associate members from seven overseas countries. At its 45th Annual General Assembly held in

Image
04-December-2018

South Africa Exits Recession after 2.2% GDP Growth

By Dipo Olowookere South Africa has exited recession three months after it slipped into an economic crisis, the country’s stats office has disclosed. A release by the Statistics South Africa (SSA) said the nation’s Gross Domestic Product (GDP) grew by 2.2 percent in the third quarter of 2018. SSA had in September 2018 announced that South Africa slipped into recession in the second quarter of this year for the first time since 2009 after the economy contracted by 0.7 percent. The slip was caused by declines in the agricultural, transport and retail sectors. Though South Africa, one of the biggest

Image
27-June-2017

IITA Youth Agripreneurs Scheme Excites US Envoy

By Dipo Olowookere US Ambassador to Nigeria, Mr Stuart Symington, has commended the IITA Youth Agripreneurs (IYA) program, saying he is convinced and compelled to share the ‘Farming is cool’ gospel of the IYA with the rest of the world. “I will join in telling your stories to the world. They are worth sharing, and I will do so to prospective investors. “IITA has finally provided an answer to the lingering question of how to make agriculture cool and attractive for people to embrace as a business,” Mr Symington stated. The US envoy was at the IITA on Monday, June

Image
17-August-2016

Zambians Cheer Prophet Iginla Over President Lungu’s Victory

An Abuja-based man of God, Prophet Joshua Iginla, has received commendations from Zambia for predicting the victory of President Edgar Lungu at the recently concluded polls in the country. The Nigerian prophet, during a three-day crusade in Zambia in May 2016, maintained that his prediction in January 2016 that Mr Lungu would retain power still stands. Prophet Iginla had said at the programme that he saw two lions battling each other in the election but the older lion, Lungu, emerged winner of the bout. With his prophesy coming true, Zambians, Business Post has been informed, now cherish the Nigerian man

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent