By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Tuesday said Union Bank of Nigeria Plc (UBN), Access Bank Plc and First Bank of Nigeria Plc (FBN) are among the Nine (9) new Stocks added to the list of Market Making Stocks.

This is contained in a Statement by Wole Tokede, Head, Media Relations of the NSE and made available to www.investadvocateng.com in Lagos Nigeria.

“The Nigerian Stock Exchange (NSE) has finalised arrangements to increase the number of Stocks that Market Makers make Market on from the initial list of 16 Stocks that the programme commenced with on the Bourse September 18, 2012 with additional Nine Stocks” the Statement said.

The other six (6) Companies joining the three (3) Banks to make it Nine (9) include Dangote Sugar Plc, Academy Press Plc, Custodian & Allied Insurance Plc, National Salt Company of Nigeria (NASCON), Nestle Nigeria Plc and AIICO Insurance Plc.

The NSE said effective Thursday, October 4, 2012; the Stocks will be added to the Market Making programme.

“This development is in line with the promise made by The Exchange that all the Stocks quoted on the Exchange trading above par value will be added to the Market Making programme over a period of six months” the Statement affirmed.

Oscar Onyema, Chief Executive Officer (CEO) of the Nigeria’s Exchange had at the workshop organised earlier in September 2012 by the NSE as a prelude to the take off of the programme, assured all stakeholders that the 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.

Onyema further affirmed that the Market Making Programme will improve the price discovery process and thus reflect the true value of Companies.

“I believe you will agree with me that the Market is in for better times with the introduction of the Market Making, Securities Lending and Short Selling initiatives. Let us collectively give it all the support it needs, especially during the six month rollout period” he said.

On September 18, 2012, the NSE had commenced the Market Making Programme with the following 16 Stocks; which include PZ Cussons Nigeria Plc; Nigerian Bag Manufacturing Company Plc; Presco Plc; International Breweries; Lafarge Wapco; Fidson Healthcare Plc; Redstar Express Plc; Zenith Bank Plc; Sterling Bank Plc; D.N.Meyer; Diamond Bank; FCMB; Fidelity Bank Plc; Nigerian Breweries Plc; Guaranty Trust Bank Plc and UAC Nigeria Plc. (UACN).