NASD OTC Market Ends in Stalemate as Investors Remain Cautious

October 22, 2020
Trapped Foreign Investors
Image Credit: Premium Times Opinion

By Adedapo Adesanya

Investors took the cautious route on Wednesday at the NASD Over-the-Counter (OTC) Securities Exchange as the market ended in a stalemate.

At the end of the midweek trading day, the equities market size made no movement as it remained at N526.76 billion, while the NASD unlisted securities index (NSI) equally retained its previous rate of 717.10 points.

Yesterday’s activities were heavily influenced by the uncertainty brought about by escalated disruption in the country following attacks on peaceful protesters by the security forces. Actions from hoodlums, amid a curfew, saw many properties damaged including a building of the Nigerian Port Authority (NPA), some television stations, cars, and other properties.

Back at the market, a total of 19,900 units of shares were transacted during the session, 76.7 per cent lower than the previous day’s 85,450 units.

These securities were executed in two deals, the same number of deals recorded at the previous session and they were done on FrieslandCampina WAMCO Nigeria Plc.

The deals carried out on this company’s stocks were worth N2.6 million and when compared with the previous day’s trading value, N10.7 million, it was lower by 75.8 per cent.

Business Post reports that the unlisted securities market recorded no single price gainer or price loser as the value of all the 41 admitted stocks closed flat.

ARM Life Plc on Wednesday remained as the most traded stock by volume (year-to-date) with 7.4 billion units of its shares worth N4.6 billion. Central Securities Clearing Systems (CSCS) Plc was in second place with 203.1 million units traded at N2.7 billion while Food Concept Plc followed in third place with 128.1 million units traded at N90.2 million.

In terms of the value of trades (year-to-date), ARM Life Plc still retained the top after trading 7.4 billion units worth N4.6 billion. It was followed by Niger Delta Exploration and Production (NDEP) Plc, which has transacted 10.4 million units of its securities for N3.2 billion, and CSCS Plc, which has traded 203.1 million units valued at N2.7 billion.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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