NASD market cap down to N543.9bn as investors lose N400m from price decline in large-cap stocks

Charles Abuede

The NASD Over-the-counter Securities Exchange’s market capitalisation dipped 0.07 per cent to N543.91 billion on Tuesday following price declines in Friesland Wamco and the Nigerian Exchange Group by N1.93 and N0.38 respectively as the NASD Securities Index (NSI) declined 0.07 per cent to 765.20 points. As a result, market investors lost N400 million.

The market performance was bearish as the total value of trades fell 31.9 per cent to N127.5 million from N187.1 million as of the previous day while the total volume of trades exchanged in the market declined 63.1 per cent to 2.83 million. Consequently, the number of deals advanced to 39 on Tuesday from 37 on Monday while the total number of traded stocks remained unchanged at 4 from the previous session.

Furthermore, the Central Securities Clearing System (CSCS) was the lone gainer on Tuesday with a 2.40 per cent appreciation in price to N17.5 from N17.09 and buying interest in the stock which took its value to N213,850. On the other hand, selling pressure was in the Nigerian Exchange Group (NGX Plc) and Friesland Wamco resulting in price declines in the stocks to N22.47 and N129 respectively as the top losers on Tuesday while the Niger Delta Exploration Company (NDEP) traded flat at N302.01 as of the previous session.

Meanwhile, the most traded stocks by volume were the Nigerian Exchange Group by (2.23m) and Friesland Wamco (0.59m) and by value were Friesland Wamco (N76.5m) and Nigerian Exchange Group (N50.1m) respectively.