31 January 2013

Nigeria: NSE Adds Wema Bank, 3 Others to Market Making Stocks

The Nigerian Stock Exchange (NSE) has announced the addition of four new stocks to the market making programme.

The new additions are: Flour Mill Plc.; Unilever Plc.; Royal Exchange Plc. and Wema Bank Plc.

The new additions bring the number of stocks that have been rolled out by the initiative to 43.

In a statement from the Exchange,the inclusion of the stocks from Consumer Goods and Financial Services sectors becomes effective on Thursday, January 31, 2013.

The addition of the new stocks is in line with the planned phased approach for introducing stocks to the programme from the baskets allocated to the Market Makers on The Exchange.

The NSE had last year embarked on the market making programme as one of the major strartegies aimed at increasing investors' confidence, deepen the market and address lack of liquidity in the market.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema had assured all stakeholders that introduction of market making would help drive liquidity in the marketplace to the benefit of retail investors, institutional investors, the broker dealer community as well as regulators.

He also said that it would improve the price recovery process and thus reflect the true value of companies.

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