NGX Equities Record First Loss at Unlisted Securities Market

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange snapped the seven straight bullish sessions on Thursday, April 15 as profit-taking made the bears devour the market by 0.32 per cent.

The duo of Nigerian Exchange (NGX) Group and Central Securities Clearing Systems (CSCS) Plc caused the cracks that allowed the lizards to have a field day at the market.

For the NGX Group, it was its first taste of decline since joining the unlisted securities market on Tuesday. The value of its stock depreciated by 7.5 per cent or N1.92 yesterday to close at N23.67 per unit compared to N25.59 per unit it ended on Wednesday.

On the part of the CSCS, it depreciated by 2.3 per cent or 38 kobo to quote at N16.17 per unit in contrast to N16.55 per unit it closed at the preceding day.

The losses recorded by the duo reduced the NASD Unlisted Security Index (NSI) by 2.48 basis points to 764.30 points from 766.78 points.

In the same breath, NGX Group and CSCS brought down the market capitalisation by N1.76 billion to N543.27 billion from N545.03 billion.

Despite the bearish environment, Afriland Plc managed to improve its value by 8.3 per cent or 10 kobo to sell for N1.30 per share versus the previous N1.20 per share.

At the close of transactions, investors traded 832,014 units of securities, 80.6 per cent lower than the 4.3 million units of securities traded at the previous trading session.

Also, shares valued at N17.9 million were transacted by market participants, 83.6 per cent lower than the N108.8 million worth of shares exchanged a day earlier.

Further, a total of 33 deals were carried out during the trading day, 41.07 per cent lower than the 56 deals executed at the previous session.

These deals were carried out on the four companies, with the NGX Group accounting for 28 deals, CSCS Plc accounting for three deals, while Afriland Properties Plc and FrieslandCampina WAMCO Nigeria Plc recorded one deal each.

UBN Property Plc remained as the most active stock by volume (year-to-date) with the sale of 21.9 million units valued at N24.6 billion. CSCS Plc has traded 9.4 million units worth N145.1 million, while NGX Group has transacted 4.7 million units worth N119.9 million.

Also, NDEP Plc maintained its position as the most traded stock by value (year-to-date) with 2.2 million units valued at N695.0 million. Friesland trailed with 3.5 million units valued at N435.4 million, while VFD Group Plc has traded 1.3 million units worth N219.6 million.