NASD Slumps 0.63% as CSCS Halts Gaining Streak

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By Adedapo Adesanya

The bears made their presence known on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, March 10.

The unlisted securities market depreciated by 0.63 per cent during the session after the Central Securities Clearing Systems (CSCS) Plc invited the bears back to the market to end the three-day gaining streak.

At the close of business at the midweek session, the NASD Unlisted Securities Index (NSI) sank by 4.46 points to 706.11 points from 710.57 points, while the market capitalisation depreciated by N3.2 billion to N506.65 billion from N509.85 billion.

Business Post reports that the share price of the Nigerian depository company, which facilitates the safekeeping and quick settlement of securities traded in the Nigerian capital market, went down by 64 kobo or 4.1 per cent to N15.08 per unit from N15.72 per unit.

On the activity chart, the total volume of securities traded by investors during the session dropped by 78.7 per cent from 1.4 million units to 300,400 units.

However, the total value of stocks exchanged by investors rose by 84.3 per cent from N2.5 million to N4.5 million, while the number of deals executed reduced by 33.3 per cent to four deals from the six deals transacted at the previous session.

All the four deals were carried out on the day’s single decliner, CSCS Plc. There was no price advancer at the exchange on Wednesday.

For the most traded stock by volume (year to date), it was still UBN Property Plc, which has traded 16.9 million units of its securities valued at N18.6 billion. CSCS Plc has transacted 5.0 million units worth N79.1 million, while FrieslandCampina WAMCO Nigeria Plc has exchanged 2.9 million units worth N356.4 million.

But in terms of the most traded stock by value (year-to-date), Friesland still occupied the top spot for transacting 2.9 million units valued at N356.4 million. Niger Delta Exploration and Production (NDEP) Plc trailed with 612,249 units of its securities valued at N198.1 million, while CSCS has traded 5.0 million units worth N79.1 million.

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