Nigeria’s Unlisted Securities Market Stretches Gains by 1.02%
By Adedapo Adesanya
The upward trend recorded on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Monday was stretched to Tuesday, partly as a result of gains printed by Niger Delta Exploration and Production Plc (NDEP) at the trading session.
Business Post reports that at the close of transactions yesterday, the market capitalisation rose by 1.02 percent or N5.7 billion to N513.74 billion from N508.57 billion recorded at the previous session, while the NASD Unlisted Security Index (NSI) also appreciated by 1.02 percent equivalent to 7.2 points to close at 715.08 points in contrast to 707.88 points it closed the previous day.
But despite the gains achieved by the market, the total volume of shares traded at the market for unlisted securities in Nigeria fell for the second straight day. The trading volume went down yesterday by 59.8 percent to 422,567 units from 1,051,550 units.
In the same vein, the value of transactions significantly depreciated at the Tuesday’s session by 81.5 percent or N250.1 million to N56.7 million from N306.8 million on Monday.
However, the total number deals executed by investors at the exchange yesterday increased by 130.0 percent or 13 deals to 23 deals compared with the 10 deals carried out by market participants at the last session.
Only one company appeared on the price movement chart on Tuesday and this was Niger Delta Exploration and Production Plc (NDEP), which had its share price rising by N28.51 or 8.95 percent to close at N318.51 per share from N290 per share.
The most traded equity in terms of value (year-to-date) at the exchange remained Central Securities Clearing System (CSCS) Plc, transacting 202,272,698 units worth N2.53 billion, while UBN Properties is trailing with 884,529,600 units of its stocks sold for N1.2 billion.
But when it comes to trading volume, Food Concept Plc is still the most active, selling 1,158,828,284 units valued at N844 billion, while UBN Properties is following with 921,841,397 units worth N1.24 billion.