NDEP Lifts NASD OTC Market by 0.10% to Halt Losing Streak

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recovered from successive declines on Wednesday, October 23, 2019, to close the session with all market pointers in green.

The NASD Unlisted Security Index (NSI) appreciated by 0.10 percent to end the day at 692.31 points after adding 0.68 points to the 691.63 points it closed with on Tuesday.

Similarly, the market capitalization, which had recorded two successive declines, increased by 0.10 percent or N490 million to finish at N497.38 billion on Wednesday against N496.89 billion it ended on Tuesday.

Also, the level of activity improved as the volume of trades skyrocketed by 3,446 percent or 362,995 units to 373,529 units from 10,534 units, while the value of the transactions rose by 2,229.01 percent to close at N9.07 million from N389,586.

In addition, the total number of deals executed by investors during the trading session also went up by 133.33 percent 14 deals in contrast to six performed at the exchange on Tuesday.

Triggering this positive performance by the market on Wednesday was the Niger Delta Exploration and Production (NDEP) Plc. The company was the only price gainer yesterday. Shares of the firm increased by N2.69 to trade at N294.12 per share from N291.43.

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, with UBN Properties following on the list with 884,529,600 units of its stocks sold for N1.2 billion.