By InvestAdvocate

Lagos (INVESTADVOCATE) – The Nigerian Stock Exchange (NSE) Wednesday has added three (3) new Stocks to the list of its Market Making Stocks bringing it to a total of 28 to date.

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.

“In line with the phased introduction of additional stocks to the list of stocks in the baskets of Market Makers on The Nigerian Stock Exchange (NSE), three stocks, all from the Banking Sub-sector of the bourse, have been added” the Statement said.

The three (3) new stocks include United Bank for Africa Plc, Ecobank Transnational Plc and Skye Bank Plc.

“Effective Thursday, October 18, 2012, United Bank Plc; Ecobank Transnational Plc and Skye Bank Plc will be included in the stocks that Market Makers will be making market on. This  is 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 said.

According to the Statement, the Nation’s Stock Market has been reacting positively since the commencement of Market Making on the Nigerian Bourse. “For instance, the Market Capitalisation and All-Shares Index that was at N8.077 trillion and 25,373.83 respective on the eve of the commencement, stood at N8.628 trillion and 27,077.66 at the close of trading activities on Monday, October 15, 2012, representing an increase 6.8 per cent” the Statement affirmed.

This is coming on the heels of the Nine (9) added about two (2) weeks ago, these include Union Bank of Nigeria Plc (UBN), Access Bank Plc and First Bank of Nigeria Plc (FBN), Dangote Sugar Plc, Academy Press Plc.

Others are Custodian & Allied Insurance Plc, National Salt Company of Nigeria (NASCON), Nestle Nigeria Plc and AIICO Insurance Plc.

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).