By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday announced that soft drink makers, Seven-Up Bottling Company Plc have joined the league of high priced stocks at the bourse.

Abimbola Babalola, head of market surveillance at the Nigerian bourse said that the analysis of the trading activities of Seven-Up indicated that in the last six months the company has met the criteria set by the NSE and thus has been included among the high priced stocks.

The NSE in 2012 introduced market making a programme whereby stockbrokers could move prices of high priced stocks with 10,000 shares.

“These high priced stocks are securities that have traded an average of N100 or more per share in four out of the last six months period,” Babalola said.

In 2012, the pilot programme began with nine stocks, namely, Dangote Cement Plc, Guinness Plc, Mobil Plc, Nestle Plc, Nigerian Breweries Plc, SIM Capital Fund, Skye Shelter Fund, Nigerian Energy Sector Fund (NESF) and Total Plc.

According to the NSE, to date the nine initial stocks have remained in the programme and three others have joined. Lafarge Africa Plc became the 10th stock on the programme while Seplat Petroleum Development Company Plc and Forte Oil Plc became the 11th and 12th stocks in the programme. Thus, Seven-Up will be the 13th stock to join the programme.

On his part, Ade Ewuosho, NSE’s head, market operations explained that in the past, to move the price of any stock upwards or downwards, brokers needed to have a volume of 50,000 shares and above.

“Effective November 3, 2014, stockbrokers will be able to move the price of Seven-UP, in addition to the existing High Priced Stocks, with 10,000 shares,” he said.

The NSE said this is part of its commitment to improve liquidity and deepen the market.

Seven-Up at the end of transactions of the floor of the Nigerian bourse lost N15.52, share price of the company opened the day at N188.52 and closed N173.00 losing by 8.23 percent