NASD OTC Market Closes Flat for Seventh Straight Session

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Image Credit: The Guardian Nigeria

By Adedapo Adesanya

For the seventh consecutive day, the NASD Over-the-Counter (OTC) Securities Exchange maintained its flattish position on Monday, January 6, 2020, with the major gauges closing at their previous levels.

At the close of transactions yesterday, the NASD Unlisted Security Index (NSI) remained at 697.54 points, while the market capitalisation stayed at N501.14 billion.

However, the activity level boomed during the session with the volume of shares transacted increasing by 163,900 percent to 1,640 units, while the value of the trades grew by 19,004,900 percent to N190,050 million. Also, the number of deals executed by investors appreciated by 400 percent to five deals.

Like in the previous session, the market closed with no single change in prices of securities traded on the exchange. This means the market for unlisted securities in Nigeria ended trading on Monday with no price gainer or loser.

But ARM Life Plc closed as the most traded stock by volume (year-to-date) yesterday with 29 million units of shares worth N18.3 million, while Nipco Plc followed with 50,150 units traded at N3.3 million.

Niger Delta Exploration and Production Plc (NDEP) has exchanged 20,000 units valued at N5.9 million so far this year, while Friesland Campina Wamco Plc has sold 6,330 units valued at N759,600.

Business Post observed that the NASD OTC market has remained a bit quiet since the beginning of this year, with investors still staying back to observe the market before taking position. The market is expected to get back fully from next week.

The unlisted securities market in Nigeria is not highly traded like its counterpart, the Nigerian Stock Exchange (NSE), which records huge activities almost all through the year.

Some investors are not fully informed on how to trade in unlisted securities, including how to buy the stocks, sell them, the fees charged for transactions and its price movement mechanisms unlike in the main stock exchange, which has information about all these at their finger tips.

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