Stakeholders Urge Nigeria to Overhaul Entire Tax System

By Adedapo Adesanya

The 16th week of trading on the NASD Over-the-Counter (OTC) Securities Exchange ended on a negative note, with the exchange losing weight by 1.66% due to profit taking.

This caused the market capitalization of the NASD exchange to drop from 17.05 trillion naira to 1.01 trillion naira from 1.03 trillion naira the previous week.

Additionally, during the four-day trading week, the NASD Securities Index (NSI) depleted 12.97 points to 767.28 points from 780.25 points it had finished a week earlier.

Business post reports that the loss suffered by the unlisted securities market last week was influenced by negative price movements of Afriland Properties Plc, Food Concepts Plc, FrieslandCampina WAMCO Nigeria Plc and 11 Plc.

FrieslandCampina fell 7.0% to N185.96 per share from N200.00 per share, Afriland Properties Plc fell 7.4% to N1.00 per unit from N1.08, Food Concepts Plc fell 7.4% to 75 kobo per share from 81 kobo per share, while 11 Plc fell 3.9% to N200.00 per share from N208.00 per share of the previous week.

During the week, there was a 219.3% increase in the total value of securities traded by investors to 476.1 million Naira from 149.9 million Naira, the total volume of shares increased by 186.9% to 12.8 million units from 4.5 million units, while the number of transactions fell 27.1% to 86 transactions out of 118 transactions.

The most active stock of the week by volume was Food Concepts Plc with 10 million units, Niger Delta Exploration and Production (NDEP) Plc registered 1.8 million units, Friesland printed 589,863 units, Afriland had 197,770 units, while 11 Plc closed with 114,868 units.

In terms of most traded stocks by value last week, NDEP Plc topped the chart with 325.3 million naira, Friesland recorded 112.6 million naira, 11 Plc had 28.1 million naira, Food Concepts Plc posted N7.5 million, while NIPCO Plc recorded N1.6 million.

Year-to-date, NASD investors have traded a total of 3.0 billion securities worth N17.2 billion in 846 trades, with the exchange posting a YtD gain of 3 .29%.

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