Coronation Securities Limited, Stanbic IBTC Stockbrokers Limited and Capital Asset Limited led participating institutions at the NASD OTC Securities Exchange in 2017-the over-the-counter market for trading in securities of unlisted public limited liability companies. There are also more than 137 registered traders of participating institutions at the market.
A full-year report on activities at the NASD OTC indicated that Coronation Securities, a subsidiary of Coronation Merchant Bank, led participating institutions, in terms of value of trades, with a turnover of N428.31 million. This represented 9.9 per cent of the total value traded at the OTC market.
Stanbic IBTC Stockbrokers, a member of the Stanbic IBTC Holdings Plc, followed with 8.1 per cent of the total value trade with the exchange of N353.48 million while Capital Asset Limited accounted for N331.46 million or 7.6 per cent of the total value traded by participating institutions at the OTC market during the year ended December 31, 2017.
Other leading participating institutions for the year included Greenwich Securities Limited, Chapel Hill Denham Securities, Anchoria Investment & Securities Limited, Apel Asset Limited, TRW Stockbrokers Limited and Readings Investments Limited.
Altogether, the top 10 participating institutions account for 59 per cent of total value of transactions on the OTC market in 2017.
In terms of volume, Apel Assets Limited ranked first by volume of shares traded on the OTC market. Apel Assets facilitated transactions of 360.62 million shares, representing 37.5 per cent of transactions in the period. Greenwich Securities Limited followed with 162.67 million shares or 16.9 per cent while Stanbic IBTC Stockbrokers Limited ranked third with 102.54 million shares or 10.7 per cent.
Other top performing participating institutions by volume traded include Tyndale Securities Limited, Rencap Securities (Nigeria) Limited, Finmal Finance Services Limited, Calyx Securities Limited, ICON Stockbrokers Limited, TRW Stockbrokers Limited and Traders Trust & Investment Company Limited.
The top 10 participating institutions accounted for 92 per cent of the total volume of shares traded at the OTC market in 2017. The report also showed that Apel Assets accounted for the largest number of deals with 241 deals, representing 8.69 per cent of the total number of deals for the year.
Inaugurated in July 2013, NASD OTC Securities Exchange is registered by the Securities & Exchange Commission (SEC) as a Self-Regulatory Organisation (SRO). The NASD OTC provides the platform for trading of a broad range of instruments over-the-counter, including equities, bonds and securities not listed on the Nigerian Stock Exchange (NSE).
Many leading companies are listed on the NASD OTC including world leaders like Dufil Prima Foods Plc, the manufacturer of Indomie Noodles; Friesland Campina Wamco Nigeria Plc, manufacturer of Peak Milk brand; and Fan Milk Plc, popular manufacturer of Fan Yoghurts are listed.
Other companies listed on the NASD OTC included NIPCO Plc, Air Liquide Nigeria Plc Industrial & General Insurance Plc, Central Securities Clearing System Plc, the clearing and depository arm of the NSE; Nigeria Mortgage Refinance Company, Jaiz Bank Plc, the Islamic bank; Acorn Petroleum Plc, Arm Life Plc, Afriland Properties Plc, BGL Plc, Consolidated Breweries Plc and Food Concepts Plc.