By Yakubu LAAH investadvocate

Feb 15 2011 17.02 GMT 

Lagos (INVESTADVOCATE)-Stockbrokers at the Nigerian Stock Exchange (NSE) has created shift duty.

 

A Source (name withheld) who is a Stockbroker and Chief Executive Officer (CEO) of a Dealing Member firm confirmed this Monday February 14 2011 to investadvocate in Lagos Nigeria.

 

“Stockbrokers trading on the Floor of the NSE have decided to maximise and make good use of the extended trading hours” the Source said.

 

According to our Source, if they are about two, trading on behalf of a firm, they may decide to share the job to about two hours each and use the remaining time to engage in other activities.

 

“One may decide to come by 09.30 am and leave by 12.30 pm; while the other resumes by 12.30 pm and close by 14.30 pm; which is the new closing time for trading in our Nation’s Stock Exchange” the Source said.

 

The Nigeria’s Exchange on Monday December 06 2010 commenced the extension of trading hours on its Floor following an approval by the Capital Market Committee (CMC) on Monday November 29 2010; that the trading hours at the NSE 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 Nigeria’s Exchange had said that extension of the trading hours at the Exchange was one of the strategic moves by its leadership to reposition the Exchange for enhanced competitiveness.

 

As earlier reported, the 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%).

 

According to the NSE, out of the 171.875 billion shares traded between Monday December 06 2010, and Friday 04 February 2011, the period under review, the first two months of the extension, the two-hour added time has 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 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.

 

“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 said it 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.