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NASD OTC Market Records 2.38% Growth in Q1 2019

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By Dipo Olowookere

Despite the election in the mid quarter, the NASD Exchange OTC Market recorded appreciable activity at the end of the first quarter in 2019.

During the first three months of the year, the NASD Unlisted Security Index (NASD-USI) appreciated by 2.38 percent.

 Also in the period under consideration, NASD investors gained N12.41 billion while N17.54 billion added to the market capitalisation was due to a security admission of Providus Bank Plc.

As a result, the market capitalisation ended the quarter at N544.39 billion compared with N514.80 billion at the beginning of the quarter.

According to data released by the management of NASD, the first quarter was on a positive note despite the high political tension experienced during this period. Companies are expected to provide investors with financial reports to facilitate trading decisions.

A look at the monthly performance in the first quarter of this year indicated that the NASD Unlisted Security Index (NASD-USI) for January increased by 0.28 percent to 742.20 points as against 740.16 points at the beginning of the month, market capitalisation increased by 3.66 percent from N514.42 billion to N533.22 billion.

It was observed that February ended on a bearish note as the NASD-USI and market capitalisation both increased by 3.07 percent, closing at 757.75 points and N528.17 billion respectively.

Business Post reports that the month of March ended on a bullish note as the NASD-USI and market capitalisation both also increased by 3.07 percent, closing at 757.75 points and N544.39 billion apiece.

During the quarter, the OTC Market top gainers were NASD Plc (SDNASDPLC), Central Securities Clearing System Plc (SDCSCSPLC), Afriland Properties Plc (SDAFRILAND), Niger Delta Exploration & Production Plc (SDNDEP) and Friesland Campina Wamco Nigeria Plc (SDFCWAMCO).

Conversely, the OTC Market top losers were UBN Property Plc (SDUBNPROP) and AG Mortgage Bank Plc (SDAGMBANK).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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