NDEP Pulls Down NASD Index by 1.09% on Wednesday

March 5, 2020
Niger Delta Petroleum Resources NDEP

By Adedapo Adesanya

After 10 consecutive sessions without any movement in the key market indicators, the NASD Over-the-Counter (OTC) Securities Exchange closed in the red territory on Wednesday, March 4.

One of the main drivers for this was the poor performance put up by the stock of Niger Delta Exploration and Production (NDEP) Plc, which was the lone decliner at the midweek session.

At the close of trading, the oil and gas investment company had its share price going down by N30.11 or 10.3 percent to N293.00 per share from N323.11 per share it previously traded.

This led the NASD Unlisted Securities Index (NSI) depreciating by 1.09 percent  or 7.6 points to 692.79 points from 700.39 points, while the market capitalisation fell by 1.08 percent or N5.46 billion to N498.09 billion from N503.55 billion.

However, the total volume of shares transacted by investors during the session rose by 63 percent or 133,273 units to 343,873 units from the 210,600 units on Tuesday.

Following the similar pattern was the total value of stocks transacted at the NASD Exchange, which increased for the third consecutive session by 18 percent equivalent to N5.84 million to N39.0 million from N33.2 million.

Also, at the end of the day, the number of deals executed by market participants improved by 67 percent or four deals. The total number of stocks traded yesterday was 10 deals compared with six deals of the previous session.

A breakdown of these deals by Business Post showed that FrieslandCampina Wamco Nigeria recorded five deals, NDEP Plc had two deals, while Nipco Plc, Central Securities Clearing System (CSCS) Plc, and Mixta Real Estate Plc all carried out single deal each.

ARM Life Plc remained as the most traded stock by volume (year-to-date) with 7.4 billion units of its shares worth N4.6 billion traded so far. CSCS Plc was in second place with 12.4 million units traded at N141.6 million, while the day’s decliner, NDEP Plc, has sold 5.9 million units valued at N1.8 billion.

In terms of the most traded stock by value (year-to-date), ARM Life Plc maintained the top spot with 7.4 billion units of its shares traded for N4.6 billion, while NDEP Plc trailed after selling 5.9 million units worth N1.8 billion, with CSCS Plc transacting 12.4 million units of its shares worth N141.6 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.

Leave a Reply

crude oil prices
Previous Story

Crude Oil Prices Fall as OPEC Meeting Begins

financial stocks
Next Story

NSE Index Sustains Growth on Gains by Financial Stocks

Latest from Economy

Don't Miss