NASD OTC Market Rebounds, Closes 0.15% Higher Thursday

By Adedapo Adesanya

The NASD Over the Counter (OTC) market returned to positive ways on Thursday to upturn the losses posted yesterday by its key performance gauges like the NASD Security Index and market capitalization.

At today’s trading session, the market capitalization rose slightly by 0.15 percent or N750 million to close at N503.36 billion from N502.61 billion quoted yesterday.

Likewise, the NASD Security Index (NSI) went up marginally to 700.63 points from 699.59, indicating a 0.15 percent or 1.04 points upward movement.

However, the rise didn’t extend to the volume of transactions recorded, which dropped to 14,500 units on Thursday from 215,830 units recorded on Wednesday, representing a decline of 201,330 units or 93.28 percent.

In the same vein, the value of transactions recorded at the market alsodepreciated on Thursday by 88.66 percent or N8.21 million to close at N1.05 million in contrast to N9.26 million previously recorded.

Total deals executed also dropped for the second consecutive day. At the market today, the number of deals completed by investors went down by 60 percent to 4 deals against 10 executed yesterday.

Friesland Campina Wamco Plc, which closed at N127.36 per share after losing N2.40 yesterday, had a little turn of luck on Thursday as the company’s share gained 51 Kobo or 0.40 percent to close at N128.13 per share.

Business Post reports that no stock was on the losers’ chart at today’s session unlike at the midweek session.

The top of trades position by volume (year to date) was still held by Food Concept Plc with a total transaction of 1,158,797,004 units valued at N843.97 billion, while UBN Properties followed with 891,085,220 units worth N1.21 billion.

Central Securities Clearing System (CSCS) Plc also retained top spot in terms of value by year-to-date with 202,272,698 units worth N2.53 billion transacted from the beginning of this year till yesterday, UBN Properties followed on the list with 884,529,600 units of its stocks sold for N1.2 billion.

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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