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Bears Welcome NASD Investors With Open Arms

By Adedapo Adesanya

It was a welcome party investors at the NASD Over-the-Counter (OTC) Securities Exchange were not expecting on Monday from the bears.

This was because the unlisted securities market opened the new week in the bearish territory, losing 0.44 per cent at the close of business.

This loss was inflicted on the NASD investors by two bellwethers, Central Securities Clearing Systems (CSCS) Plc and Nigerian Exchange (NGX) Group Plc.

The duo ensured that the market capitalisation of the bourse was reduced by N2.87 billion to N652.58 billion from N655.45 billion and weakened the NASD Unlisted Security Index (NSI) by 3.3 points to 750.81 points from 754.11 points it recorded at the previous session.

Business Post reports that CSCS Plc recorded a 48 kobo or 2.7 per cent depreciation yesterday to sell at N17.72 per share compared to the previous N18.20 per share, while the NGX Group dropped 24 kobo or 1.4 per cent to close at N17.14 per unit as against N17.48 per unit of the prior trading day.

On the activity chart, Geo Fluids Plc remained as the most active stock by volume (year-to-date) with 1.0 billion units worth N700.1 billion, followed by NGX Group with 343.3 million units traded for N7.4 billion and Swap Technologies & Telecomms Plc with 46.6 million units worth N41.0 million.

But in terms of value, NGX Group remained as the most active stock (year-to-date) with 343.3 million units traded for N7.4 billion, trailed by VFD Group Plc with 4.1 million units valued at N1.3 billion and Niger Delta Exploration and Production (NDEP) Plc with 3.2 million units valued at 973.5 million.

At the close of transactions yesterday, a total of 3.6 million securities worth N62.6 million were traded in 22 deals in contrast to the 9.6 million securities worth N415.3 million traded in 38 deals last Friday.

This showed that the volume of shares traded by investors on Monday declined by 62.4 per cent, the value dropped 84.9 per cent, while the number of deals went down by 42.1 per cent.

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