By Patrick ONOJA investadvocate

Feb 10 2011 16.20 GMT

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said Thursday February 10 2011 that the two-hour trading extension has boosted the volume of shares traded in the first two months of the policy by 50.52 percent (50.52%).

 

The Exchange in a Release by Wole Tokede, Seniour Manager Corporate Communications and made available to investadvocate affirmed that out of the 171.875 billion shares traded between Monday December 06 2010, and Friday 04 February 2011, the first two months of the extension, the two-hour added time, accounted for a total of 86.834 billion shares traded, while the three hours between 9.30 am and 12.30 pm accounted for 85.041billion shares traded.

 

“The extension of the trading hours which commenced on 06 December, 2010 is one of the proactive steps being taken by the Management of The Nigerian Stock Exchange aimed at moving The Exchange forward. The step has continued to yield positive results as the market has continued to record improvement in volume, value and the number of deals” it said.

 

Nigeria’s Exchange affirmed that a further comparison of the statistics for the two months preceding the extension of the trading hours with the two months of the extension shows that the volume of shares traded recorded a growth of 31.93%. “The market recorded 13.892 billion shares in the two months preceding the extension while the volume of shares transacted in the two months after the extension rose to 18.328 billion units” it said.

 

According to the NSE, in the area of value, the Market recorded a growth of 16.81% in the review period, compared to N147.142 billion the recorded in the two months prior to the extension, “shares valued at N171.875 billion were exchanged by investors in the two months after the extension” the NSE affirmed.

 

“The Exchange also recorded growth in the number of deals in the review period.  A total of 171.875 billion deals were executed in the two months of extension compared to a total of 147.142 billion deals executed in the two months before the extension. This represents a growth of 16.81%” it said.

 

The Nigeria’s Exchange on Monday December 06 2010 commenced the extension of trading hours on its Floor following its approval by the Capital Market Committee (CMC) on Monday November 29 2010; that the trading hours on its floors be extended by two hours from 9.30 am to 2.30 pm compared to its former time of 9.30 am to 12.30 pm; making it’s a total of five trading hours.

 

Emmanuel Ikazoboh, Interim Administrator of the NSE had 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.