Julius Berger Nigeria Plc and Ashaka Cement Plc have joined 33 other stocks in the basket of market makers.

This brings the total number of market making stocks on the Nigerian Stock Exchange to 35, in line with the phased introduction of additional stocks by the Exchange to its market making programme.

A note from Meristem Nigeria Plc to shareholders stated that the stocks were added to the market making list on Thursday.

The NSE had said earlier that the move for the additional banking stocks was based on its promise that all the stocks quoted on the Exchange trading above par value would be added to the market making programme over a period of six months.

The NSE had in November announced the addition of Dangote Flour Mills Plc, Unity Bank Plc and Prestige Assurance Plc to the market making stocks on its bourse.

The new addition brought the number of stocks rolled out by the initiative to 33.

The inclusion of the three stocks from consumer goods and financial services sectors became effective on Thursday, November 15, 2012.

The NSE had added that the roll period for all the stocks quoted on the Exchange was six months.

This takes place every fortnight since its inception on September 18, 2012.

The 35 stocks now covered by the programme now are Julius Berger, Ashaka Cement, PZ Cussons Nigeria Plc, Nigerian Bag Manufacturing Company Plc, Presco Plc, International Breweries; Lafarge Wapco Plc, Fidson Healthcare Plc, Redstar Express Plc, Zenith Bank Plc, Sterling Bank Plc and DN Meyer.

Others are Diamond Bank; FCMB; Fidelity Bank Plc; Nigerian Breweries Plc; Guaranty Trust Bank Plc and UAC Nigeria Plc; Access Bank; Academy Press Plc; Custodian & Allied Insurance; First Bank Plc; Dangote Sugar Plc; Union Bank Plc, National Salt Company of Nigeria Plc and Nestle Nigeria Plc

Other stocks are AIICO Insurance Plc, United Bank for Africa Plc; 7Up Bottling Plc; Ecobank Plc; Skye Bank Plc UAC Property and Dangote Flour Mills Plc, Prestige Assurance Plc and Unity Bank Plc.

The NSE statement added that the equities market had been reacting positively since the commencement of market making on the Nigerian bourse.

Speaking at a recent workshop, the Chief Executive Officer of The NSE, Mr. Oscar Onyema, assured all stakeholders that the introduction of market making would help to drive liquidity in the marketplace to the benefit of retail investors, institutional investors, the broker-dealer community as well as the regulators.

“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 stated.

Source: Punch (written by Udeme Ekwere)