Sun. Nov 24th, 2024

NDEP Lands NASD OTC Exchange in Danger Zone

NDEP

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to the bearish territory on Thursday, May 27 courtesy of a drop in the stock price of Niger Delta Exploration and Production (NDEP) Plc.

The market went down by 0.2 per cent after the value of NDEP Plc depreciated by 3.2 per cent or N10 to close the session at N300 per unit as against N310 per unit of the preceding day.

The depreciation in the oil and gas company’s stocks depleted the market capitalisation of the bourse by N1.07 billion to N545.63 billion from N546.70 billion it closed on Wednesday.

In the same vein, the NASD Unlisted Securities Index (NSI) shed 1.5 points to wrap the session at 767.62 points compared with 769.12 points recorded at the previous session.

Business Post reports that there were price advancers yesterday with the Nigerian Exchange (NGX) Group Plc gaining 78 kobo or 3.7 per cent to close at N22.09 per share versus the previous N21.31 per share, while CSCS Plc appreciated by 15 kobo or 0.9 per cent to close at N17.65 per unit in contrast to the previous N17.50 per unit.

Despite the bearish outcome, there was a rise in the total units of shares traded on Thursday as 6.7 million units were transacted compared to 1.6 million units recorded at the previous session, indicating a 321.5 per cent increase.

Equally, the value of transactions rose by 63.8 per cent as share worth N162.8 million were traded compared to the N99.4 million achieved on Wednesday.

In the same vein, the number of deals executed during the session increased by 48.6 per cent to 52 deals from the preceding day’s 35 deals.

These deals were carried out on eight companies led by NGX Group, which made 38 deals. It was followed by Central Securities Clearing Systems (CSCS) Plc and FrieslandCampina WAMCO Nigeria Plc which made two deals each, while NDEP Plc, Afriland Properties Plc, Air Liquide Plc, Mixta Real Estate Plc, and UBN Properties Plc made one deal each.

NGX Group closed the session as the company with the highest number of traded shares (year-to-date) with 235.3 million units of its shares worth N5.4 billion. Swap Technologies and Telecomms Plc was in second place with 46.6 million units worth N41.0 million while CSCS Plc held the third position with 28.5 million units of its shares worth N442.5 million.

In terms of value, NGX Group was also on top of the chart with 235.3 million units valued at N5.4 billion. It was followed by NDEP Plc with 2.7 million units valued at N826.0 million and Friesland in third with 5.5 million units valued at N695.9 million.

By 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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