The Nigerian Stock Exchange (NSE) has added additional three stocks to the list of stocks in the basket of market makers, according to a statement from NSE on Wednesday made available to PANA in Lagos.
“Effective Thursday, 18 October, 2012, United Bank Plc, Ecobank Transnational Plc and Skye Bank Plc will be included in the stocks that Market Makers,” the statement said.
The additions are in line with the phased introduction of additional stocks to the list of stocks in the baskets of Market Makers on the capital market.
”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 statement added.
The three stocks now bring the number of stocks that Market Makers are making to 28, since the initiative kicked off last month.
It started with 16 stocks, with nine other stocks added thereafter. The market maker initiative is part of strategies introduced by the Bourse management to reposition and win back the investors’ confidence on the market.
Since the commencement of the initiative, the stock market has been reacting positively.
The major market indicators have gone up, as market capitalization and the All-Shares Index that stood at 8.077 trillion naira and 25,373.83 points respectively on the eve of the commencement of the initiative, increased to 8.628 trillion naira and 27,077.66 points respectively, at the close of trading on 15 October. This shows an increase of 6.8 per cent.
The stocks covered by the initiative include PZ Cussons Nigeria Plc; Nigerian Bag Manufacturing Company Plc; Presco Plc; International Breweries; Lafarge Wapco; and Fidson Healthcare Plc.
Others are 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).
The rest 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.