Adedapo Adesanya
By Adedapo Adesanya
Trading activities on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed flat on the first trading day of the new week, Monday, November 4, 2019.
The two major gauges of the market remained at the previous levels when market transactions were halted yesterday, with the market capitalisation closing at N502.37 billion and the NASD Unlisted Securities Index (NSI) finishing at at 699.25 points.
However, it was not a good outlook for the remaining parameters as they all fell after the close of transactions on the exchange as investors ponder on the recent reclassification of stocks listed on the platform.
Business Post reported on Monday that the management of the NASD, in line with directive of the Securities and Exchange Commission (SEC), announced the categorization of its securities in three different groups; NASD Blue, NASD Pink and NASD Red.
In the released by NASD last Friday, eight companies were placed in the NASD Blue category and they met all requirements of regulators, while 14 companies with slight shortfall were put under the NASD Pink group, with 13 firms placed in the NASD Red category because they have failed to adhere to listing rules. READ THE STORY HERE
As investors react to this information, the volume of stocks transacted on Monday went down by 97.5 percent or 38,170 units from the 39,170 units quoted last Friday to 1000 units.
Likewise, the total value of trades depreciated yesterday by 95.2 percent or N2.8 million to N140,700 compared with N2.95 million value of transactions recorded at the previous session.
During Monday’s trading day, the market recorded a single deal executed by an investor, lower than the seven deals carried out last Friday, representing a decline by 85.7 percent or six deals.
Like in the previous session, the NASD Exchange did not have a price gainer or loser.
Food Concept Plc retained the top spot on the most traded equities table by volume (YtD) 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.
In terms of value (year-to-date), Central Securities Clearing System (CSCS) Plc kept the number position with 202,272,698 units of its shares sold for N2.53 billion. On the second position is UBN Properties with 884,529,600 units of its stocks sold for N1.2 billion.
