By Nkiruka Nnorom
NASD OTC Securities Exchange has recorded 112 percent growth in the Unlisted Securities Index, USI, in the first quarter, Q1 2018.
The growth in the USI, according to the Exchange, was fuelled by a 122 percent increase in value to N3.59 billion in Q1’2018 from N1.61 billion in Q1’2017 and 45 percent increase in the volume of securities traded on the market in the quarter to 351.96 million units in Q1’18 from 239.93 million units in Q1’17.
Central Securities Clearing System (CSCS) Plc led the market by volume of trade as investors traded 218 million units of its shares in 180 deals, while Afriland Properties Plc followed by transactions in 67 million units in 49 deals. CSCS also led the market by value of traded shares worth N1.8 billion, as Niger Delta Exploration & Production Plc placed second with transactions worth N1.09 billion.
Reviewing the market performance, Mr. Bola Ajomle, Managing Director/CEO, NASD, stated: “Last year, we commenced a classification of NASD OTC admitted securities into categories that reflect the level of financial disclosure, adherence to corporate governance standards, dematerialisation of shares and liquidity of the 36 securities trading on the OTC market. At the end of this exercise, 12 securities were ranked in the Blue Category, eight in the Pink Category and 15 were ranked in the Red Category.”