Economy
NASD OTC Extends Weekly Growth by 0.33% in Week 10
By Adedapo Adesanya
The 10th week of trading in 2023 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note for the third straight week due to the 0.33 per cent growth recorded last week.
This increased the value of investors’ portfolios in the unlisted securities market by N3.19 billion at the close of transactions to N955.83 trillion from the N952.64 billion reported in Week 9.
In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 2.43 points to wrap the week at 727.42 points compared with 724.99 points recorded in the previous week.
In the week, there was a 148.3 per cent increase in the total value of transactions to N143.9 million from N57.9 million, as the volume of trades grew by 183.8 per cent to 108.3 million units from 38.1 million units, with the number of deals increasing by 31.6 per cent to 50 deals from the 38 deals achieved in the preceding week.
The share prices of Central Securities Clearing Systems (CSCS), Geo-Fluids Plc, and Nipco Plc appreciated during the five-day trading week, while the share prices of Afriland Property Plc, FrieslandCampina Wamco Nigeria Plc, and First Trust Microfinance Bank Plc dropped.
Nipco Plc gained N10 to end at N70.00 per unit versus the preceding week’s N60.00 per unit, CSCS Plc rose by 43 Kobo to N13.93 per share from N13.50 per share, and Geo-Fluids Plc expanded by 12 Kobo to N1.32 per unit from N1.20 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost 50 Kobo to settle at N74.00 per share versus N74.50 per share, Afriland Property Plc shrank by 10 Kobo to close at N1.90 per unit versus N2.00 per unit, and First Trust Microfinance Bank declined by 5 Kobo to 52 Kobo from 57 Kobo.
At the close of the week, Geo-Fluids Plc was the most traded stock by volume with 70.1 million units, UBN Property Plc traded 35.5 million units, Industrial & General Insurance (IGI) Plc exchanged 1.6 million units, CSCS Plc transacted 600,000 units, and Afriland Properties Plc traded 220,000 units.
By value, Geo Fluids Plc topped with N91 million, UBN Property Plc followed with N31 million, CSCS Plc posted N8 million, Niger Delta Exploration & Production (NDEP) Plc recorded N6 million, while FrieslandCampina Wamco Nigeria Plc reported N4 million.
In the year so far, investors have traded a total of 570.03 million units valued at N2.29 billion in 643 deals.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange was weakened by 1.19 per cent on Thursday, July 9, by three bellwether stocks on the platform.
Consequently, the NASD Security Index (NSI) lost 50.47 points to close at 4,199.73 compared with the previous day’s 4,250.20 points, and the market capitalisation gave up N30.29 billion to settle at N2.520 trillion versus Wednesday’s closing value of N2.551 trillion.
The price decliners were led by 11 Plc, which fell by N20.54 to sell at N200.01 per share compared with the preceding session’s N220.55 per share. FrieslandCampina Wamco Nigeria Plc crashed by N11.48 to trade at N140.51 per unit compared with the N151.98 per unit it ended a day earlier, and UBN Property Plc depreciated by 19 Kobo to N1.80 per share from N1.99 per share.
Business Post reports that the sole gainer at the session was IPWA Plc, which added 88 Kobo to quote at N9.71 per unit, in contrast to the previous day’s closing price of N8.83 per unit.
Yesterday, the volume of securities traded by market participants surged by 14,965.4 per cent to 23.9 million units from the previous session’s 158,933 units, and the value of stocks rose by 528.1 per cent to N68.2 million from the preceding session’s N10.9 million, while the number of deals decreased by 3.2 per cent to 30 deals from Wednesday’s 31 deals.
Great Nigeria Insurance (GNI) Plc closed the trading day as the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 70.7 million units exchanged for N4.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
A slowdown in the demand for foreign exchange (FX) strengthened the value of the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 9.
At the official market, the Naira gained 64 Kobo or 0.05 per cent against the greenback yesterday to sell at N1,378.43/$1 compared with Wednesday’s exchange rate of N1,379.07/$1.
The market saw a sharp decrease in transaction volume and value, meaning that heavy demand for the Dollar eased.
Interbank FX turnover reduced sharply by more than 62 per cent to $78.708 million, according to the Central Bank of Nigeria (CBN), from $208.094 million in the preceding day.
FX traders also noticed a sharp decline in the number of deals at the NFEM window in the absence of Dollar injection by the central bank. Deal counts shrank to 106 during the NFEM window, down from 150, reflecting a slowdown in FX activity among market makers.
However, the local currency depreciated against the Pound Sterling in the spot market during the session by N6.18 to N1,846.82/£1 from N1,840.64/£1, and declined against the Euro by N2.79 to close at N1,576.09/€1 versus the preceding session’s N1,573.30/€1.
At the GTBank FX desk, the Naira lost N4 against the US Dollar to quote at N1,385/$1, in contrast to the N1,381/$1 it was traded at midweek, and at the parallel market, it remained unchanged at N1,400/$1.
Meanwhile, the cryptocurrency market soared after a moderation in oil prices and bond yields following the collapse of the Iran war ceasefire.
As has been the pattern for months, markets are looking past inflamed rhetoric and new airstrikes to likely conciliatory statements in the near future.
Bitcoin (BTC) gained 2.3 per cent to sell at $64,048.89, Dogecoin (DOGE) grew by 1.9 per cent to $0.0741, Ethereum (ETH) expanded by 1.6 per cent to $1,777.98, Solana (SOL) rose by 1.0 per cent to $79.13, Ripple (XRP) appreciated by 0.9 per cent to $1.10, Binance Coin (BNB) added 0.6 per cent to sell for $576.91, and TRON (TRX) also improved by 0.6 per cent to $0.3329.
However, Cardano (ADA) crashed by 0.9 per cent to $0.1669, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
Subscription for the July 2026 edition of the FGN savings bond is closing today, Friday, July 10.
The exercise started on Monday, July 6, with two tenures of two years and three years on offer to retail investors.
The retail bonds are sold by the federal government through the Debt Management Office (DMO) to raise funds for the country’s budget deficits.
The savings bond offers investors steady tax-free income. It is risk-free, backed by the Nigerian government, and listed on the Nigerian Exchange (NGX) Limited, allowing for secondary market trading and easy exit before maturity.
For the two-year FGN savings bond maturing on July 15, 2028, the debt office is offering it at a 14.716 per cent per annum interest rate, while the three-year FGN savings bond due July 15, 2029, is at 15.716 per cent per annum, with the interest on the investment being paid by the government every quarter.
Intending investors can purchase the debt instrument at a unit price of N1,000, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50.0 million.
