NASD OTC Bourse Slides Further by 0.54% – Business Post Nigeria

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange continued its stay in the bearish territory as it dropped 0.54 per cent on Wednesday, September 6, due to negative price movements in Central Securities Clearing System (CSCS) Plc, NASD Plc, and FrieslandCampina WAMCO Nigeria Plc.
CSCS Plc went down by 97 Kobo in the midweek to sell at N12.53 per unit compared with the previous day’s N13.50 per unit, NASD Plc lost 75 Kobo to trade at N13.00 per share versus N13.75 per share and FrieslandCampina depreciated by 5 Kobo to settle at N81.00 per share in contrast to Tuesday’s N81.05 per share.
The decline in the share prices of the three securities reduced the value of the NASD OTC bourse yesterday by N5.32 billion to N968.19 billion from N973.51 billion and sliced the NASD Unlisted Securities Index (NSI) by 4.03 points to 735.48 points from the 739.51 points it closed in the previous session.
However, the bourse witnessed a surge in the volume of securities traded by investors by 568.9  per cent to 161,681 units from 24,170 units, but the value of the transactions went down by 34.8 per cent to N3.0 million from N4.6 million, with the number of deals carried out by the market participants growing by 55.6 per cent to 14 deals from the nine deals executed a day earlier.
AG Mortgage Plc ended the trading day as the most active stock by volume (year-to-date) with a turnover of 2.3 billion units valued at N1.2 billion, CSCS Plc trailed with the sale of 687.6 million units valued at N14.3 billion, and Mixta Real Estate Plc sat in third place with 178.1 million units worth N313.4 million.
The most active stock by value (year-to-date) at the close of business yesterday was still CSCS Plc with the sale of 687.6 million units worth N14.3 billion, VFD Group Plc was in second place with 27.7 million units valued at N7.4 billion and FrieslandCampina occupied the third place for trading 14.3 million units valued at N1.7 billion.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Ijezie Ebuka
The day started in Asia with the Indonesian and Philippines Central Banks raising interest rates by 50 basis points. The Norway Central Bank followed by also raising its rate by 50 basis points from 1.75% to 2.25% and said the rate would also be most likely increased again in November as the inflation rate is above its 2% target.
The Bank of England then increased the interest rate by 50 basis points as the UK’s inflation rate in August was 9.9%, way ahead of the bank’s 2% target. The hike was the seventh consecutive increase and the highest since 2008.
The last country in Europe with a negative policy rate, Switzerland also increased the interest rate by 75 basis points, just as the Federal Reserve did for the third consecutive time on Wednesday, September 22.
The Brazilian Central Bank, on the other hand, kept its benchmark unchanged at 13.75% after 12 straight hikes. Another Central bank that kept the rate unchanged is the Bank of Japan. It stuck with a low-interest rate despite a consumer inflation rate of 2.8% in August and said it would keep it that way in the near future to encourage economic recovery. It also confirmed that it would intervene in the foreign exchange market to defend against the fall of the Yen.
The shock of the day was Turkey cutting its interest rate by 100 basis points from 13 to 12% despite an 80% inflation rate in August.
Economists at CitiGroup issued a report on Wednesday that, “The rhetoric and action of major central banks are demonstrating greater resolve to fighting inflation, increasingly willing to sacrifice economic growth to achieve this.”
Persistent inflation around the world means central banks around the world may continue to increase interest rates in the near future.
Next week, the Central Bank of Nigeria (CBN) will meet to decide which way to go. At its last meeting, the benchmark rate was raised from 13% to 14%.
It is always believed that when interest rates are high, the cost of borrowing goes up, forcing consumers to reduce their spending, bringing about a decline in the demand for goods, and resulting in a fall in prices. When the prices of goods go down, inflation eases.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further declined by 0.47 per cent on Thursday as investors have started to lose confidence in Nigerian stocks due to news flying around about corporate governance issues in the parent company of the bourse.
Business Post reports that traders offloaded some blue-chip stocks in their portfolios, leading to weak investor sentiment as 14 equities closed in the losers’ chart while 10 stocks were on the gainers’ table.
Cornerstone Insurance lost 10.00 per cent to trade at 54 Kobo, Multiverse depreciated by 9.90 per cent to N2.82, Cadbury Nigeria fell by 9.62 per cent to N11.75, BUA Cement decreased by 6.18 per cent to N50.10, and Guinness Nigeria went down by 5.57 per cent to N83.00.
On the other hand, Trans-nationwide Express finished on top of the advancers’ table after its value went up by 8.70 per cent to 75 Kobo, NEM Insurance appreciated by 2.67 per cent to N5.39, Cutix grew by 2.50 per cent to N2.05, Academy Press inflated by 2.41 per cent to N1.70, with International Breweries rising by 2.02 per cent to N5.05.
During the session, investors traded 126.8 million shares worth N1.8 billion in 3,117 deals in contrast to the 51.9 million shares worth N590.0 million traded in 2,981 deals on Wednesday, representing an increase in the trading volume, value and number of deals by 144.51 per cent, 202.00 per cent and 4.56 per cent, respectively.
NGX Group was the most traded stock yesterday with the sale of 30.8 million units for N553.5 million, followed by Zenith Bank with the sale of 24.4 million units valued at N488.0 million. Fidelity Bank traded 13.8 million shares worth N50.7 million, FBN Holdings exchanged 11.0 million valued at N110.8 million, while Access Holdings sold 8.2 million equities worth N68.2 million.
The banking sector maintained its impressive performance yesterday, rising by 0.42 per cent. Still, it could not salvage the situation as the industrial goods, consumer goods, insurance and energy counters depreciated by 2.30 per cent, 0.36 per cent, 0.32 per cent and 0.20 per cent, respectively.
At the close of trades, the All-Share Index (ASI) decreased by 231.57 points to 49,190.34 points from 49,421.91 points as the market capitalisation went down by N125 billion to N26.533 trillion from N26.658 trillion.
By Adedapo Adesanya
The Naira depreciated against the United States Dollar at the black market on Thursday by N1 to trade at N713/$1 in contrast to the previous day’s N712/$1.
However, in the Peer-to-Peer (P2P) window of the foreign exchange (forex) market, the local currency maintained stability against the American currency at N725/$1, data obtained by Business Post showed.
Also, the story was not different in the Investors and Exporters (I&E) segment of the market, where the exchange rate of the nation’s legal tender paired with the greenback remained unchanged at N436.50/$1, according to data from FMDQ Securities Exchange.
The platform further revealed that the domestic currency withstood the FX demand pressure yesterday due to the availability of forex in the system. The value of transactions stood at $101.74 million, $32.23 million or 24.1 per cent lower than the $133.97 million achieved a day earlier.
In the interbank segment, the Nigerian Naira appreciated against the Euro on Thursday by N1.09 to settle at N425.66/€1 versus N488.59/€1 and against the Pound Sterling, it gained N60 Kobo to trade at N487.99/£1 compared with Wednesday’s N488.59/£1.
Meanwhile, amid the hike in interest rates across the key economies of the world, investors found solace in cryptocurrencies, helping the market heave a sigh of relief.
Ripple (XRP) gained 30.7 per cent to trade at $0.5523, Dogecoin (DOGE) made a 7.8  per cent rise to quote at $0.0621, Ethereum (ETH) went up by 7.1 per cent to $1,348.67, Cardano (ADA) recorded a 6.9 per cent increase to finish at $0.4736, Solana (SOL) appreciated by 5.9 per cent to settle at $31.72, Binance Coin (BNB) recorded a 5.4 per cent growth to trade at $277.16, Litecoin (LTC) recorded a 5.1 per cent gain to close at $54.56, and Bitcoin (BTC) jumped by 3.9 per cent to sell at $19,409.81.
However, the value of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at the close of business yesterday at $1.00 each.
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