OTC Bourse Extends Growth by 0.22%

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a further 0.22 per cent appreciation on Wednesday, May 31, extending investors’ confidence after Nigeria’s new president, Mr Bola Tinubu, promised to make the country attractive for investments.

Investors gained an additional N2.21 billion to raise the market capitalisation of the OTC bourse to N1.008 trillion from the N1.006 trillion it closed in the preceding session, as the NASD Unlisted Securities Index (NSI) grew by 1.6 points to wrap the session at 728.98 points compared with 727.38 points recorded at the previous session.

The growth was inspired by two stocks led by 11 Plc, which added N4.40 to its value to close at N119.40 per unit compared with the preceding day’s N115.00 per unit, and Niger Delta Exploration and Production (NDEP) Plc grew by N4.14 to end at N254.14 per share versus the previous session’s N250.00 per share.

The unlisted stock exchange reported two price losers led by UBN Property Plc, which fell by 2 Kobo to trade at 94 Kobo per share, in contrast to the previous day’s 92 Kobo per share, and Acorn Petroleum Plc depreciated by 1 Kobo to close at 13 Kobo per unit compared with Tuesday’s 14 Kobo per unit.

Yesterday, there was an increase in the volume of securities traded by 104.5 per cent to 5.4 million units from 2.7 million units, the value of transacted, however, fell by 62.5 per cent to N64.4 million from N171.5 million, as the number of deals decreased by 30.8 per cent to 18 deals from 26 deals.

Geo-Fluids Plc ended the session as the most traded stock by volume (year-to-date) with 832.1 million units valued at N1.3 billion, Industrial and General Insurance (IGI) Plc has traded 627.7 units valued at N49.4 million, while UBN Property Plc has exchanged 395.9 million units worth N336.6 million.

VFD Group Plc closed the day as the most traded stock by value (year-to-date) with 10.7 million units worth N2.4 billion, Geo-Fluids Plc has sold 832.1 million units for N1.3 billion, FrieslandCampina Wamco Nigeria Plc has traded 17.1 million units valued at N1.2 billion.