NDEP Shrinks NASD OTC Bourse by 0.15%
By Adedapo Adesanya
Unlisted securities listed on the NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.15 contraction on Tuesday, December 22 caused by negative price movement in the stocks of Niger Delta Exploration and Production (NDEP) Plc.
The share price of the oil investment company lost N4.50 or 1.48 per cent to close the session at N300.50 per unit in contrast to N305 per unit it traded at the previous session.
This development led to the shrinking of the market capitalisation of the bourse by N820 million yesterday to close the day at N536.45 billion as against the previous day’s closing value of N537.27 billion.
Also, the loss by the NDEP contributed to the 1.10 points shed by the NASD Unlisted Securities Index (NSI), closing at 721.72 points compared with 722.82 points it ended on Monday.
On the activity chart, a total of 53,660 units of shares were transacted by market participants at the NASD OTC market in contrast to the 3,520 units recorded at the previous session, indicating a 1,424.4 per cent increase.
These trades were made in four deals and involved two companies, with NDEP Plc accounting for three deals and Central Securities Clearing Systems (CSCS) Plc accounting for one deal. At the preceding session, only one deal was executed, indicating a 300 per cent rise in the number of deals achieved on Tuesday.
Business Post reports that the value of these transactions amounted to N16.1 million, 3,190.2 per cent higher than the N489,280 recorded on Monday.
ARM Life Plc remained as the most active stock by volume (year-to-date) at the close of business yesterday for trading 7.4 billion units of its shares for N4.6 billion, while CSCS Plc was in second place for exchanging 213.7 million units worth N2.9 billion, with Food Concepts Plc in the third position for selling 152.2 million units of its shares worth N109.5 million.
Also, the underwriter was the most active stock traded by value ((year-to-date) for trading 7.4 billion units of its securities valued at N4.6 billion, while NDEP Plc maintained the second spot for transacting 11.9 million units of its securities valued at N3.7 billion, with CSCS Plc occupying the third spot for trading 213.7 million units valued at N2.9 billion.