Business News

NASD OTC Bourse Survives Scare, Gains 0.03%

NASD OTC securities

By Adedapo Adesanya

The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent.

This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points.

During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08 per share, in contrast to the midweek’s closing price of N17.00 per share.

However, the stock price of NASD Plc depreciated during the last day of November 2023 by 5 Kobo to close at N12.50 per unit against the previous day’s value of N12.55 per unit.

Data showed that the volume of securities traded at the bourse on Thursday surged by 539.5 per cent to 435,500 units from the 68,100 million units recorded a day earlier, as the value of shares bought and sold rose by 113.5 per cent to N8.8 million from the N4.1 million quoted in the midweek session, while the number of deals carried out by the market participants went down by 25 per cent to six deals from the eight deals executed in the previous trading day.

At the close of transactions, CSCS Plc was the most traded stock by volume (year-to-date) for selling 1.2 billion units for N22.4 billion, followed by UBN Property Plc with 1.1 million units valued at N1.2 billion, and Geo-Fluids Plc with 704.4 units worth N1.3 billion.

The most traded stock by value (year-to-date) was also CSCS Plc with 1.2 billion units worth N22.4 billion, trailed by VFD Group with a turnover of 26.6 million units valued at N5.9 billion, and Aradel Holdings Plc with 7.8 million units valued at N3.1 billion.