Adedapo Adesanya
By Adedapo Adesanya
The shares of the newly listed Nigerian Exchange (NGX) Group Plc on the trading floor of the NASD Over-the-Counter (OTC) Securities Exchange are getting brutally baterred.
On Monday, the value of the stock further decreased by 9.81 per cent or N2.16, causing it to close at N19.87 per unit compared with N22.03 per unit it ended last Friday.
The shares were admitted at the unlisted securities market last Tuesday at N25.00 per unit and the next day, the equity price rose by 2.36 per cent or 59 kobo to trade at N25.59 per unit.
Yesterday, NGX Group was joined on the losers’ chart by its cousin, the Central Securities Clearing Systems (CSCS) Plc, which lost 4.9 per cent or 78 kobo to close at N15.25 per share in contrast to N16.03 per share it previously traded.
The losses reported by these two securities suppressed the growth posted by FrieslandCampina WAMCO Nigeria Plc.
The share price of the milk-producing company increased by 1.5 per cent or N1.93 on Monday to sell at N131.93 per unit in contrast to N130 per unit it traded last Friday.
At the close of transactions for the day, the NASD OTC Exchange went south by 0.37 per cent, no thanks to the duo of NGX Group and CSCS.
As a result, the market capitalisation of the bourse shrank by N2.02 billion to N543.48 billion from N545.50 billion, while the NASD Unlisted Securities Index (NSI) reduced by 2.83 points to 764.60 points from 767.43 points.
During the session, the volume of securities transacted by investors increased by 208.1 per cent to 13.7 million units from 4.4 milliom units of the previous session.
Also, the value of the securities exchanged by the market participants went up by 205.9 per cent to N331.2 million from N108.2 million, while the number of deals appreciated by 106.5 per cent to 64 deals from 31 deals.
The deals were carried out on four companies, with the NGX Group accounting for 50 deals. Friesland made nine deals, CSCS Plc got four deals, while Niger Delta Exploration and Production (NDEP) Plc recorded a single deal.
At the close of business, NGX Group finished as the most traded stock by volume (year-to-date) for trading 22 million units of its shares for N471.7 million. UBN Property Plc slipped to second for transacting 21.9 million units worth N24.8 million, while CSCS Plc held the third position for trading 9.6 million units of its shares worth N149.3 million.
In terms of value (year-to-date), NDEP was the most active with 2.3 million units traded for N701.8 million. Friesland trailed with 4.1 million units valued at N512.1 million, while NGX Group occupied the third spot with 22 million units valued at N471.7 million.
