Dangote Flour Mills Plc, Unity Bank Plc and Prestige Assurance Plc have been added to the list of market making stocks on the Nigerian Stock Exchange (NGSE).

    The new addition brings the number of stocks that have been rolled out by the initiative to thirty-three. The additional stocks were selected from Consumer Goods and Financial Services sectors respectively.

    The inclusion which became effective , according to the NGSE, was in line with the planned phased introduction of stocks to the market from the baskets of Market Makers on The Exchange.

    The roll period for all the stocks quoted on the Exchange is six months. This takes place every fortnight since inception September 18, 2012.

    The thirty-three stocks covered by the programme 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: 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, United Bank for Africa Plc, 7Up Bottling Plc, Ecobank Plc, Skye Bank Plc and UAC Property.

    It would be recalled that the NSE had through Mr Olumide Lala, Head, Transformation and Change of the NSE, explained that the Market Makers would play a central role in the provision of two-way quotes (comprising of buy and sell prices) for the securities they are making markets on.

    He observed that leveraging the Securities Lending process, Market Makers would be able to borrow securities in order to settle 'buy order imbalances' from customers. A 'hybrid' market, allowing both market makers to provide two way quotes and licensed broker/dealers of The Exchange to submit orders as is currently done, will be operated from the commencement date of this key initiative.

    Rationalizing the importance of Securities Lending in the Market Making initiative, Lala said that it would provide for lending and borrowing of securities which in return will enable investors earn returns on their 'idle' stocks whilst contributing significantly to market liquidity and price efficiency through legitimate investment activity in covered Short Selling.

     

    MARKET STATUS: CLOSED

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