NDEP, FrieslandCampina Return Bears to OTC Market

February 23, 2021
NDEP

By Adedapo Adesanya

The new trading week on the floor NASD Over-the-Counter (OTC) Securities Exchange was bearish as the bears resurfaced, causing the market to fall by 0.94 per cent on Monday.

The return of the bears was influenced by Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc.

Yesterday, the share price of NDEP declined by N9.02 or 2.9 per cent to close at N292.82 per share in contrast to N301.84 per share of the preceding day.

On its part, the equity value of FrieslandCampina depreciated by N3.25 or 2.6 per cent to close the day at N119.65 per unit versus N122.90 per unit.

As a result of the poor performance of these two bellwethers, the NASD Unlisted Security Index (NSI) moved down by 6.71 points to 710.72 points to 717.43 points.

In the same vein, the market capitalisation depreciated by N4.81 billion to close at N509.95 billion in contrast to N514.76 billion it finished at the preceding session.

In terms of market activity, things were also bearish as the total volume of shares reduced by 92.3 per cent to 85,800 units from 1.1 million units transacted at the previous session.

Likewise, the value of the transactions went down by 37.9 per cent to N18.3 million from the previous session’s N29.4 million, while the number of deals increased by 10.00 per cent to 11 deals compared to 10 deals made at the last session.

These were made on three companies with both FrieslandCampina and NDEP both executing five deals each while Mixta Real Estate Plc made one deal.

UBN Property Plc stood firm as the most traded stock by volume (year-to-date) yesterday with 15.5 million units of its shares worth N16.8 million. Central Securities Clearing Systems (CSCS) Plc was in second place with 4.5 million units traded at N70.8 million, while FrieslandCampina followed in third place with 2.3 million units traded at N279.9 million.

In terms of the value of trades (year-to-date), FrieslandCampina remained top with a total of 2.3 million units worth N279.9 million. NDEP Plc came in second place with 603,911 units valued at N195.9 million, while CSCS Plc has traded 4.5 million units worth N279.9 million.

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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