Sell-off in CSCS Chops NASD Market Capitalisation by 0.69%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange market capitalisation went down on Tuesday by N3.65 to N529.29 billion from N532.94 billion on Monday.
Also, data from the exchange showed that the index of the unlisted securities market, NASD Unlisted Security Index (NSI), depleted by 4.97 points or 0.69 per cent to 720.54 points from Monday’s 725.51 points.
It was observed by Business Post that the contraction in the benchmark indicators came as a result of the sell-off witnessed in the shares of Central Securities Clearing Systems (CSCS) Plc, giving the bourse its first loss for the week.
The securities depository company, which ended as the sole decliner at the session, saw its equity price declining by 73 kobo or 5.3 per cent to N13.77 per share in contrast to N14.50 per unit it sold the previous day.
On the activity chart, the total volume of securities traded by investors at the session went up by 478.9 per cent to 239,660 units from 41,394 units.
These transactions came from 18 deals executed at the exchange on securities belonging to CSCS Plc (14 deals), FrieslandCampina WAMCO Nigeria Plc (two deals), Niger Delta Exploration and Production (NDEP) Plc and Nipco Plc with one deal each.
Business Post reports further that all the shares traded on Tuesday amounted to N3.9 million, 65.6 per cent lower than the N11.4 million realised at the previous session.
Underwriting firm, ARM Life Plc, closed the session as the company with the highest number of traded stocks (year-to-date) with 7.4 billion units of its shares worth N4.6 billion.
CSCS Plc was in second place with 201.3 million units worth N2.7 billion, while Food Concept Plc held the third position with 125.1 million units of its shares worth N88.1 million.
Equally, ARM Life Plc also maintained its position as the company with the most traded stock by value with 7.4 billion units of securities traded for N4.6 billion.
Oil and gas investment company, NDEP Plc, settled for the second spot after trading 8.8 million units of its securities valued at N2.7 billion, while CSCS Plc occupied the third position with 201.3 million units valued at N2.7 billion.