Sell-offs in CSCS, NASD charge bears on NASD OTC causing N10.9bn loss

THE BEARS RESURFACED last week as pressured sell-offs witnessed in CSCS, NASD Plc and UBN Properties drove the NASD index southward by 1.78 percent week on week to 732.15 points with market capitalisation shedding over N10.98 billion to N604.88 billion from N615.86 billion from the previous week as a result of negative price movements recorded on the index.

Trading activities across the five trading sessions on the NASD equities market was mixed as there was an 85.33 percent increase in the total value traded during the week to N155.77 million from N84.05 million for the prior week close; while the total volume traded during the week declined by 71.87 percent week on week to 6.57 million units from the previous week’s 23.36 million units. All these resulted from an average of 53 trade deals from the five sessions.

Across the CSCS (4.73 million units), NASD Plc (1.25 million units) ranked as the most traded securities for the week by volume and was trailed by NIPCO, UBN Properties and Friesland Wampco with 283,066 units, 150,000 units and 119,858 units, respectively. On the other hand, CSCS and NASD Plc emerged as the top traded equities by value last week with N82.82 million and N33.92 million, respectively, and was trailed by NIPCO, FrieslandWampco and Niger Delta exploration company with N19.84 million, N13.5 million and N5.53 million apiece.

Of the major gainers for the week, Central Securities Clearing System closed the week at N17.75 representing a 1.43 percent increase from the previous close of N17.50, while NASD Plc, closed the week at N27, representing a 0.04 percent increase from the previous close of N26.99.

On the other hand, Friesland Wamco closed the week at N110 representing a 9.10 percent decrease from the previous close of N121 followed by NIPCO Plc, which closed the week at N70 representing a 9.10 percent decrease from the previous close of N77 and the Niger Delta Exploration & Production closed the week at N228 representing a 0.43 percent decrease from the previous close of N228.99 due to negative price movement and sustained sell-offs in the market.