NASD loses N17.05bn on negative pricing, markCap in at N1.01trn

BY CHARLES ABUEDE

The bears made an emphatic claim to the NASD OTC Securities Exchange as the index closed the week on a negative as market return fell 1.66 percent to 767.28 points against 780.25 in the previous week.

As a result of the bearish run of activities witnessed in Afriland Properties, Food Concept and FrieslandCampina Wamco, investors in the market collectively lost N17.05 billion value, while the market capitalisation closed at N1.01 trillion compared to N1.03 trillion the previous week. This outcome was as a result of negative movement in prices.

However, the level of trading activities was bullish throughout the week as there was a 219.30 percent increase in the total value traded during the week, as NASD investors traded a total of N476.12 million in value compared to N149.11 million in the previous week.

Also, the total volume traded during the week was 12.82 million units compared to 4.5 million units in the previous week, leading to a 186.93 percent increase in trade volume.

Furthermore, the week closed with Food Concepts ranking top among the five most traded securities by volume after it amassed 10 million trade units, followed by Niger Delta Exploration and Production with 1.81 million units. Also, Frieslandcampina Wamco recorded 589,863 units, with Afriland Properties and 11 Plc as the fifth most traded stock by volume in the week.

In the same vein, the week closed with Niger Delta Exploration & Production Plc standing top among the five most traded securities by value with trades valued at N325.3 million, followed by FrieslandCampina Wamco and 11 Plc at N112.62 million and N28.06 million, respectively. Also, Food Concept recorded trade valued at N7.5 million and NIPCO Plc did N1.55 million trade value.

The exchange recorded no gainers for the week as the bears ruled the market. On the other hand, as per losers for the week, Afriland Properties closed at N1.00, representing a 7.41 percent decrease from the previous week’s close of N1.08. Also, Food Concept closed the week at N0.75, representing a 7.41 percent decrease from the previous close of N0.81. Similarly, FrieslandCampina Wamco closed the week at N185.96, representing a 7.02 percent decrease from the previous close of N200; and then, 11 Plc closed the week at N200, representing a 3.85 percent decrease from the previous close of N208.