NASD OTC Bourse Traders Lost N11.45 Billion In One Trading Week



(CTN News) – Last week (Week 2), the market capitalization of the NASD Over-the-Counter (OTC) Securities Exchange depleted by N11.45 billion in the course of the week, closing at N927.53 billion as a result.

Business Post reports that the negative outcome occurred as the prices of five of the admitted securities declined over the course of five trading days.

This resulted in a decline in their market values.

The Niger Delta Exploration and Production (NDEP) Plc price fell 9.1 per cent to settle at N170.00 per share from N187.04 per share the previous week.

Central Securities Clearing Systems (CSCS) Plc price dropped by 6.7 per cent to N12.60 per unit from N13.50 per unit.

From 81 Kobo per unit, UBN Property Plc fell by 3.7% to 78 Kobo per unit. Friesland-Campanini dropped by 2.9% to trade at N67.00 per share.

This was up from N69.00 per share the previous week. Capital Bancorp Plc decreased by 2.2% to N2.21 per unit, down from its previous closing price of N2.26 per unit.

The quintet choked the life out of Geo Fluids Plc, which grew by 8.6 per cent week-on-week to close at 76 Kobo per share, a significantly higher level than the 70 Kobo per share it closed at the previous week.

The NASD OTC Securities Exchange Index slipped by 1.22 per cent or 8.73 points at week’s end, closing at 762.12 points as opposed to 760.92 points at the end of the previous week after the close of trading.

It was found that last week the total value of shares traded by investors decreased by 52.7 per cent to N55.0 million compared to N116.3 million last week.

However, the amount of stocks traded increased by 2,601.1 per cent to 24 million units from 920,337 units. In addition, the number of deals increased NASD by 26.5% to 98 deals from 78 deals last week.

There were 20.4 million units traded in Geo-Fluids Plc at the close of the week, 4.1 million units traded in UBN Property Plc, 166,688 units exchanged in Friesland Campina Wamco Nigeria Plc, 116,000 units traded in CSCS Plc, and 75,700 units traded in NDEP Plc at the close NASD of the week.

NDEP Plc traded N12.9 million during the period, Friesland Campina WAMCO Nigeria Plc recorded N10.9 million, VFD Group Plc posted N10.3 million, and UBN Property Plc transacted N2.9 million during the period.

Geo-Fluids Plc also traded N15.5 million, followed by NDEP Plc, NDEP Property Plc, and Friesland Campina WAMCO Nigeria Plc.

There has been a small decline in NSI NASD returns over the first half of the year, as market participants have bought and sold 25.8 million units of securities worth N171.2 million in 176 transactions so far this year.

Does NASD still exist?

Eventually, the SEC determined that merging the NASD with a regulatory arm of the New York Stock Exchange (NYSE) was in the best interest of securities markets. From this merger, the Financial Industry Regulatory Authority, otherwise known as FINRA, was created in 2007.


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