By Peter OBIORA investadvocate
Dec 03 2010 16.30 GMT
Lagos (INVESTADVOCATE) – The Nigerian Stock Exchange (NSE) would on Monday December 06 2010 commence the extension of trading hours on its Floor.
This was contained in a Statement issued Friday December 03 2010 by Wole Tokede, Seniour Manager, Corporate Communications of the Exchange and made available to investadvocate in Lagos Nigeria.
As a proof of the support of the National Assembly for the ongoing transformation at theNigerian Stock Exchange (NSE), the Chairman, Senate Committee on Capital Market, Honourable Ganiyu Solomon will flag off the extension of trading hours on the floors of The Exchange on Monday, December 6, 2010. He will also ring theclosing bellon the day,” the Statement said.
The Statement further affirmed that Honourable Umar Buba Jubril, the Chairman, House of Representatives Committee on Capital Market, would in turn be ringing the closing bell on Wednesday, December 8, 2010; 48 hours after the Chairman Senate Committee on Capital Market Solomon would have flagged off the extension of the trading hours on the Exchange.
As earlier reported, the Capital Market Committee (CMC) on Monday November 29 2010 approved the proposal by NSE and Securities and Exchange Commission (SEC) for extension of the trading hours on its floors by two hours from 9.30 am to 2.30 pm compared to the current time of 9.30 am to 12.30 pm.
With this extension in trading hours at the Nation’s Stock Exchange, Stockbrokers would be trading for a period of five hours compared to the previous three hours being traded.
Mallam Ballama Manu, Interim President/Chairman of Council of The Exchange, had at the 49th Annual General Meeting (AGM) of the Nigeria’s Exchange affirmed that there were ongoing consultations with stakeholders on the possibility of extending the trading hours.
Also, Emmanuel Ikazoboh, Interim Administrator of The Exchange, had earlier said that the approval was a step in the right direction.
Ikazoboh also said that extension of the trading hours at the Nigeria’s Exchange was one of the strategic moves by the leadership of the NSE to reposition the Exchange for enhanced competitiveness.
It was on Wednesday December 01 2010 that the Market Control Unit of the Exchange announced that it has postponed the extension of Trading hours on its Floor till Monday December 06 2010.
The new policy was to commence Wednesday December 01 2010 after the CMC approved it. However, no reason has been given for the earlier postponement by the NSE.
