Nigeria’s Over-the-Counter Securities Market Down by 1.62%

February 28, 2024
Unlisted Securities Market

By Dipo Olowookere

Selling pressure on a bellwether stock, Aradel Holdings Plc, further sank the NASD over-the-counter (OTC) Securities Exchange by 1.62 per cent on Tuesday.

The energy stock, which had maintained an upward posture for some trading session, witnessed profit-taking yesterday like it did a day earlier.

During the trading day, its value went down by N129.50 or 5.14 per cent to N2,520.50 per share compared with Monday’s closing price of N2,650.00 per share.

Its loss overpowered the gains recorded by the duo of FrieslandCampina Wamco Nigeria Plc and UBN Property Plc.

According to data from the bourse, the dairy products maker gained 61 Kobo on Tuesday to sell at N70.88 per unit versus the previous day’s N70.27 per unit, while the real estate firm appreciated by 16 Kobo to N1.90 per share from N1.74 per share.

When trading activities ended for the day, the NASD Unlisted Security Index (NSI) decreased by 19.21 points to 1,162.97 points from 1,182.18 points and the market capitalisation receded by N26 billion to N1.577 trillion from the N1.603 trillion it closed a day earlier.

Business Post reports that the volume of transactions went up by 22.79 per cent to 595,254 units from the 484,768 units achieved in the preceding session, the value of trades grew by 9.71 per cent to N77.4 million from the N70.6 million posted on Monday, while the number of deals declined by 22.58 per cent to 24 deals from the 31 deals recorded a day earlier.

The most active equity by volume on a year-to-date basis was Mixta Real Estate Plc with the sale of 69.9 million units for N114.5 million, followed by IPWA Plc with a turnover of 48.9 million units worth N24.4 million, and Geo-Fluids Plc with the sale of 45.8 million units valued at N113.1 million.

The most active equity by value on a year-to-date basis remained Aradel Holdings Plc with a turnover of 1.7 million units valued at N3.7 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 3.7 million units sold for N282.4 million, and Mixta Real Estate Plc with 69.9 million units sold for N114.5 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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