NASD OTC Market Falls 0.79% After CSCS Loss

By Adedapo Adesanya

Transactions on the trading floor of the NASD Over-the-Counter (OTC) Securities Exchange closed bearish as the bears ripped the platform by 0.79 per cent on Wednesday, January 12.

This was caused by the loss printed by Central Securities Clearing Systems (CSCS) Plc as its price depreciated yesterday by N1 or 5.3 per cent to trade at N19.00 per unit compared with N20.00 per unit of the preceding session.

As a result, the market capitalisation of the exchange declined by N5 billion to settle at N631.05 billion compared with N636.05 billion it finished on Tuesday.

Similarly, the decline posted by CSCS affected the NASD Unlisted Security Index (NSI) as it went down by 5.91 points yesterday to settle at 745.23 points as against 751.14 points it recorded at the previous session.

In terms of the participation of investors in trading activities on Wednesday, data showed that the volume of shares exchanged at the midweek session increased by 512.0 per cent to 66,711 units from the 10,900 units transacted a day earlier.

Likewise, there was an upward movement in the value of shares traded at the bourse by 654.9 per cent to N2.4 million from the previous day’s N316,000.

These trades were carried out in nine deals compared with the three deals carried out on Tuesday, indicating a 200 per cent increase.

At the close of business, CSCS maintained its position as the most traded stock by volume on a year-to-date basis with the sale of 529,500 units worth N10.5 million, Friesland Campina WAMCO Nigeria Plc occupied second place with a turnover of 36,644 units valued at N4.3 million, while Nipco Plc was in third place with the sale of 5,308 units worth N334,404.

Also, CSCS ended the session as the most active stock by value on a year-to-date basis with the sale of 529,500 units valued at N10.5 million, Friesland Campina WAMCO Nigeria Plc followed with 36,644 units worth N4.3 million, while Nipco Plc came next with 5,308 units worth N334,404.