DangCem, Oando, Transcorp join market making stocks

The shares of Dangote Cement Plc, Oando Plc and Transnational Corporation of Nigeria Plc have joined 36 other stocks in the basket of market makers.

This brings the total number of market making stocks on the Nigerian Stock Exchange to 39, in line with the planned phased introduction of additional stocks by the Exchange to its market making programme.

A statement from the NSE on Thursday, stated that the three stocks from the industrial goods, oil/gas and conglomerates sectors were added to the market making list on Thursday.

The NSE had said earlier that the move to add the additional stocks was 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 NSE had added that the roll-out period for all the stocks quoted on the Exchange is six months. This takes place every fortnight since its inception on September 18, 2012.

The 39 stocks covered by the programme now are: Dangote Cement, Oando, Transcorp, Julius Berger, Ashaka Cement, PZ Cussons Nigeria Plc, Nigerian Bag Manufacturing Company Plc; Presco Plc, International Breweries, Lafarge Wapco Plc, Fidson Healthcare Plc, Redstar Express Plc, Zenith Bank Plc, Sterling Bank Plc, DN Meyer Plc.

Others are Diamond Bank Plc, First City Monument Bank Plc, Fidelity Bank Plc, Nigerian Breweries Plc, Guaranty Trust Bank Plc, UAC Nigeria Plc, Access Bank; Academy Press Plc, Custodian & Allied Insurance, First Bank Plc, Dangote Sugar Plc, Union Bank Plc, National Salt Company of Nigeria Plc and Nestle Nigeria Plc

Other stocks are AIICO Insurance Plc, United Bank for Africa Plc, 7Up Bottling Plc, Ecobank Plc, Skye Bank Plc, UAC Property Development Company Plc, Dangote Flour Mills Plc, Prestige Assurance Plc and Unity Bank Plc.

The NSE statement added that the equities market has been reacting positively since the commencement of market making on the Nigerian bourse.

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

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