NASD Sheds N15bn over Frail Sentiment in OTC Market

NASD Sheds N15bn over Frail Sentiment in OTC Market

NASD over-the-counter (OTC) securities exchange index (NSI) slumps by more than N15 billion amidst uncertainties in the economy ahead of Nigeria’s presidential election in 2023.

The OTC market has faced negative price movement across major tickers as sentiment declines, resulting in lower trade volumes. It is noted that those major unlisted companies’ shares have steadied after closing the year negative.

Trading data show that NASD Index closed the week with a negative movement. The NSI return decreased by 1.60% to close the week at 705.64 points against 717.15 points week on week.

In sum, investors lose ₦15.14 billion to selloffs in some unlisted companies’ shares. Thus, the OTC market capitalisation declined to ₦927.21 billion; compared to ₦942.35 billion reported in the comparable week over sustained negative movement in prices.

Market analysts noted that there was a 67.94% decrease in the total value traded during the week. Specifically, NASD investors trade a total of ₦30,971,043.10 compared to ₦96,597,544.10 in the previous week.

Then, on the cumulative performance, total trade activity for the year inched to ₦428,142,565.20 amidst an expectation that buying momentum will return to market space in 2023.

Trading activities seem to be nose-diving as the total volume traded during this week was 5,059,179 units compared to 24,460,849 units in the comparable week. This represents a 79.32% decrease in trade volume with the total volume traded for the year at 142,240,251 units.

The trading book shows that Geo-Fluids Plc ranks top among the five most traded securities by volume and VFD Group Plc as the fifth most traded stock by volume traded in the week.

From the beginning of the year to date, the NASD Security Index return has decreased by 0.57%. In the same period, the total volume traded stands printed at 142,240,251.00 units in 434 deals and the total Value traded settled at ₦428,142,565.20 on Friday’s close. # NASD Sheds N15bn over Frail Sentiment in OTC Market

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