Nigeria’s Unlisted Securities Market Opens Week Bearish

By Adedapo Adesanya

Unlisted securities traded on the floor of the NASD Over-the-Counter (OTC) Securities Exchange took a fall by 0.23 per cent on Monday, December 14.

The day’s outcome came on the back of a negative price movement recorded by Niger Delta Exploration and Production (NDEP) Plc.

The equity price of the oil and gas investment company depreciated by N6.94 or 2.2 per cent to close at N305 per unit as against N311.94 per unit it previously sold.

This had an effect on the NASD unlisted securities index (NSI), which dropped 1.70 points from the previous closing value of 733.77 points to close at 732.07 points.

In the same vein, it reduced the bourse’s market capitalisation by N1.26 billion to settle at N544.15 billion in contrast to the preceding value of N545.41 billion.

During the session, there was a rise in the trading volume as investors transacted 300,821 shares, 1,661.3 per cent higher than the 17,080 shares traded last Friday.

These securities were exchanged in four deals, 33.3 per cent higher than the three deals when the market last opened for trading activities.

A further breakdown showed that the four deals executed by market participants yesterday were carried out on three securities belonging to NDEP Plc, which accounted for two deals; Food Concepts Plc, which accounted for a deal; and Central Securities Clearing Systems (CSCS) Plc, which also accounted for one deal.

All these transactions recorded on Monday at the unlisted securities market amounted to N18.1 million in contrast to the N1.02 million achieved last Friday, representing a rise by 1,676.6 per cent.

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, while CSCS Plc was in second place with 208.7 million units traded at N2.8 billion, with Food Concepts Plc in the third place after the sale of 152.2 million units of its stocks worth N109.5 million.

In terms of the most traded stock by value (year-to-date), ARM Life Plc still retained the top spot for trading 7.4 billion units worth N4.6 billion. The day’s sole price loser, NDEP Plc, followed with the sale of 11.9 million units of its securities worth N3.7 billion, while CSCS Plc has exchanged 208.6 million shares valued at N2.8 billion.