Acorn, NGX Group Drag NASD Index Down to 736.64 Points

By Adedapo Adesanya

It was a bad day for the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as it was dragged down by 0.18 per cent by the duo of Nigerian Exchange (NGX) Group Plc and Acorn Petroleum Plc.

The NASD Unlisted Security Index (NSI), which closed on Monday at 737.94 points, depreciated during the session by 1.3 points to 736.64 points as a result of the losses reported by the two stocks.

This also weakened the market capitalisation of the exchange by N1.13 billion to N633.29 billion from N637.40 billion it settled at the preceding session.

At the market, NGX Group Plc lost 90 kobo or 6.4 per cent to sell at N14.00 per unit compared with the previous day’s N14.90 per unit, while Acorn fell by 2 kobo or 11.8 per cent to close at 15 kobo per share in contrast to 17 kobo per share it ended on Monday.

Business Post reports that the unlisted securities market had two price gains at the second trading session of the week, with NASD Plc rising by 54 kobo or 8.8 per cent to N6.15 per unit from N5.61 per unit, and FrieslandCampina WAMCO Nigeria Plc appreciating by 45 kobo or 0.4 per cent to N121.50 per share from N121.50 per share.

During the trading day, there was a decrease in the volume of securities traded as investors exchanged 1.9 million units compared to the previous day’s 8.7 million units, indicating a 78.4 per cent drop.

Also, the value of the shares transacted by investors went down by 85.3 per cent to N15.0 million from N102.1 million posted on Monday, while the number of deals depreciated by 17.2 per cent to 24 deals from the preceding session’s 29 deals.

Geo Fluids Plc closed the session as the company with the highest volume of traded stocks on a year-to-date basis with 1.0 billion units valued at N700.1 billion. NGX Group Plc was in second place with 431.2 million units worth N8.9 billion, while Food Concepts Plc held the third position with 296.2 million units valued at N386.9 million.

In terms of value, NGX Group Plc was on top of the log with the sale of 431.2 million units valued at N8.9 billion. It was followed by VFD Group Plc with 9.4 million units worth N3.1 million, Friesland with 8.3 million units worth N1.0 billion.

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