NASD OTC Closes Positively as CSCS Excites Investors
The NASD Securities Exchange Plc, platform for the over-the-counter (OTC) trading of unlisted equities, closed positively last week, gaining N10.67 billion.
NASD Plc market capitalisation rose from N498.09 billion to N508.76 billion, while the NASD Securities Exchange Index appreciated from 692.79 to 707.65, indicating a gain of 0.02 per cent.
The NASD OTC market has been offering investment opportunities for investors in companies not quoted on the Nigerian Stock Exchange (NSE). For instance, leading dairy company, Friesland-Campina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc, the financial market infrastructure for the capital market, are two of the prominent firms traded on the NASD platform.
CSCS was the second most traded last week and amid the bearish equity market over the past two years, the shares of CSCS have recorded over 70 per cent. According to market analysts, the performance of the stock is due to the strong fundamentals of the company and its steady dividend payment culture.
The company paid a total dividend of N3.5 billion for the 2018 financial year, which translated to 70 kobo per share.
CSCS ended the 2018 with an operating income of N9 billion, profit before tax of N6 billion and profit after tax of N4.8 billion. CSCS had in 2018 unveiled a threeyear(2018 to 2020) strategic plan aimed at leveraging technology for process optimisation and profitability.