NASD OTC Market CAP Increased By 0.75% WoW to Close At N518.65bn

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Saturday August 08, 2020 / 10:35 AM / by NASD Plc / Header Image Credit: NASD Plc

 

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COVID 19 Impact Series: Agricultural Sector

The Nigerian agricultural sector is a very key component in the country's drive for economic diversification. Over the past three years, the sector has grown consistently at about an average of 2.6%. As at the first quarter of 2020, agriculture accounted for about 22% of the Nigerian gross domestic product (GDP) compared to oil and gas (9.5%), manufacturing (9.7%), financial services (3.8%) and trade (16.1%). Furthermore, the agricultural sector remains the largest employer of labour in the country, providing jobs for more than one-third (86.4%) of the Nigerian labour force. Recently the sector was badly hit by the coronavirus bringing about a lot of challenges to the sector.

 

With COVID-19, the challenges hampering the attainment of food security in Nigeria could deepen. The impact is already being felt in the form of rising food prices. By April 2020, food inflation had risen to 15% compared to 14.7% in December 2019. The intra and interstate movement restrictions has hindered farmers from accessing their farms in other state locations or procuring inputs such as seedlings and farm implements. The restrictions have hampered food distribution, which could result in post-harvest losses, reduced market supply and further increases in food prices. According to a survey conducted by the NBS, about 9% of respondents revealed that they stopped farming due to the restrictions of COVID 19. In addition, about 73% of the respondents in the survey reported that they have experienced income losses since mid – march.

 

Being one of the major drivers of the Nigerian economy, NASD PLC strongly advocates that the agricultural sector should have access to all the support that they can get especially in this period where they need it most. Some recommendations are highlighted below:

 

More palliatives should be provided to farmers. The Federal Government as well as other organs of government has provided fiscal and monetary palliatives to assist farmers to ensure the sustenance of food production and avert the looming food crises. Even though these efforts are commendable, they are simply not enough to meet the needs of the farmers. Therefore, it is important for government to explore other means of palliatives particularly with respect to the provision of free improved seedlings, basic farm implements at highly subsidized prices; Free or cheap and affordable farm extension services, etc, to farmers.

 

Budgetary allocations to Agribusinesses should be increased at the national and sub-national levels. Given the vital role that agribusiness play in ensuring food security, fostering economic diversification, and stimulating the growth of a country, it is beneficial for governments at the various levels to devote more resources towards the development of agribusiness.

 

All the states should take advantage of their area of agricultural core competence. Each state in Nigeria has comparative advantage in the production of certain types of agricultural products. Harnessing these advantages will help ensure a competitive agricultural sector and guarantee food security in the country.

 

NASD in its capacity as a central financial infrastructure provider supports and encourages the agriculture sector in Nigeria via its service offerings - the NASD Enterprise Portal (NASDeP) and VentureRamp. NASDeP helps connect high growth agriculture focused enterprises with willing private equity investors seeking to invest, while the NASD VentureRamp is a crowdfunding platform that can assist entrepreneurs in raising funds for their respective projects.

 

NASD continues to support growth and development within Nigeria and deepen the capital market by facilitating capital raise and liquidity for enterprises across various sectors through innovative products and service offerings.

 

Year-to-Date Overview 

NASD OTC Securities Exchange Market closed on a positive note YTD as the market recorded an increase in performance. NASD Security Index Year to date return rose by 1.22%. Total volume traded Year-to-Date stands at  7,819,576,020 units in 944 deals and total Value traded is N10,489,311,022.23.


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Week 32 Overview 

NASD OTC Securities Exchange closed the week with a positive return on NSI. The NSI return rose by 0.75% to close the week at 706.07 points against 700.82 points against last week Wednesday, July 29 2020.

 

In addition, Week 32 saw NASD Investors gain N3.85 Billion in value. NASD OTC Market capitalization closed at N518.65 Billion compared to N514.80 Billion against last week Wednesday, resulting from a positive movement of prices.

 

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There was a -67.01% decrease in the total value traded during the week as week 32 saw NASD Investors trade a total of N23,303,017.81 in value compared to N70,635,325.40 in the previous week. Total trade activity for the year is valued at N10,489,311,022.23. 


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In the same pattern, volume traded during the week was 1,606,734 units compared to 1,952,219 units in the previous week leading to a -17.70% decrease in trade volume compared to week 31. Total volume traded for the year is   7,819,576,020 units.


Top Traded Securities by Volume 

The week closed with First Trust Mortgage Bank Plc ranking top among five most traded securities by volume and FrieslandCampina Wamco Nigeria Plc as the fifth most traded stock by volume in week 32.

 

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Top Traded Securities by Values

The week closed with Niger Delta Exploration and Production Plc ranking top among top five most traded securities by value and Food Concepts Plc stood as the fifth most traded Security by Value for the week. 

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Advancers for the week 

Two of NASD OTC stocks closed the week with a positive movement in the price. FrieslandCampina Wamco Nigeria Plc, which currently holds a Market Capitalization of N123.99 Billion closes the week at N127 representing a 3.03 percent increase from the previous close of N123.27.

 

Niger Delta Exploration and Production Plc, which currently holds a Market Capitalization of N49.88 Billion closes the week at N275 representing a 0.43 percent increase from the previous close of N273.88.


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Decliners for the Week 

Week 32 closed on the NASD OTC Sexurities Exchange with no recorded decliners for the week.


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