Price depreciation sees NASD index head south as market cap sheds N1.93bn

WITH POSI TIVE PRICE MOVEMENTS across the NASD OTC Securities Exchange, there was a spike in the level of trading activities resulting from high buying interests witnessed in Food Concepts Plc and the Nigerian Exchange Group.

However, it was a bearish run, the OTC exchange closed the week with a negative return with the benchmark index declining 0.26 percent week on week to 752.5 points, while the NASD OTC market cap shed N1.93 billion to close at N654.05 billion.

The level of market trading activities improved as the value and volume of trades rose 300.59 percent and 3364.15 percent week on week, respectively to N723.93 million and 305.63 million from N180.72m and 8.82 million the previous week, respectively.

On the top trades for the week, the week closed with Food Concepts Plc leading the gainers chart with 288.27 million units in trade volume valued at N380.5 million. Trailing was Nigerian Exchange Group with million units worth of trade volume and valued at N282.39 million, while FrieslandCampina Wamco, and Central Securities Clearing System traded 0.43 million units and 0.29 million units respectively with value reported at N52.26 million and N4.97 million respectively.

Investors’ sentiment continued to wane across sectors last week due to price declines in Afriland Properties Plc which closed the week at N1.25 representing a 7.41 percent decrease from the previous close of N1.35. Also, Nigerian Exchange Group Plc closed the week at N16.49, representing a 3.74 percent decrease from the previous close of N17.13; while the Central Securities Clearing System Plc closed the week at N18.45 representing a 0.27 percent decrease from the previous close of N18.50, and FrieslandCampina Wamco Nigeria Plc closed the week at N120.05 representing a 0.03 percent decrease from the previous close of N120.08.