In line with the phased introduction of additional stocks to the list of stocks in the baskets of Market Makers on The Nigerian Stock Exchange (NSE), three stocks, all from the Banking Sub-sector of the bourse, have been added.
Effective Thursday, October 18, 2012, United Bank Plc; Ecobank Transnational Plc and Skye Bank Plc will be included in the stocks that Market Makers will be making market on. This is in tandem with the promise made by The Exchange that all the stocks quoted on the Exchange that are trading above par value will be added to the Market Making programme over a period of six months.
The nation’s stock market has been reacting positively since the commencement of Market Making on the Nigerian bourse. For instance, the market capitalisation and All-Shares Index that stoop at N8.077 trillion and 25,373.83 respective on the eve of the commencement, stood at N8.628 trillion and 27,077.66 at the close of trading activities on Monday, October 15, 2012, representing an increase 6.8 per cent.
The initiative which kicked off in September 2012 with 16 stocks had nine other stocks added two weeks back. The additional three additional stocks now bring the number of stocks that Market Makers are making market on to 28.
The stocks covered by the initiative now are: PZ Cussons Nigeria Plc; Nigerian Bag Manufacturing Company Plc; Presco Plc; International Breweries; Lafarge Wapco; Fidson Healthcare Plc; Redstar Express Plc; Zenith Bank Plc; Sterling Bank Plc; D.N.Meyer; Diamond Bank; FCMB; Fidelity Bank Plc; Nigerian Breweries Plc; Guaranty Trust Bank Plc and UAC Nigeria Plc. (UACN).
Others are: Access Bank; Academy Press; Custodian & Allied Insurance; First Bank Plc; Dangote Sugar Plc; Union Bank Plc, NASCON and Nestle Nigeria Plc as well as AIICO Insurance Plc and the three newly added ones.