NSE SET TO INTRODUCE 5 MARKET MAKERS

5 Primary Market Makers appointed on Market bailout
Posted Tuesday, October 7, 2008

BY PETER OBIORA
Proshare NI
October 07, 2008 at 16.00 GMT

Five Primary Market Makers has been appointed as part of the bailout plans for the Nigerian Capital Market. A source close to Proshare NI in the meeting held at Nigerian Stock Exchange (NSE) made this confirmation today in Lagos Nigeria.
The bailout plan is part of the measures being proposed to help halt the dwindling fortune of the Nigerian Capital Market.
It is being expected that Private Funds would be injected to help bailout the Capital Market.
The Federal Government (FG) two months ago intervened in the market to halt its dwindling fortune, however, up until now; nothing seems to have happened to alleviate this trend.
Recently, the United States Government (US) had come to a conclusion to inject $700 billion to halt the countries ailing financial health.
This is also coming on the heels of the FG aborting plans to introduce a Stabilisation Fund; which would ensure liquidity in the Nigerian Capital Market.
As at the time of filling in this report, Proshare NI could not get much detail in respect of the meeting by Regulators in the Capital Market on the internal bailout plan proposed to help the FG’s intervention on the market.
However, Regulatory Authorities has defined Market Makers as any company that has up to N2.0 billion Capital Base.
In the same vein, the Quotation Committee of the NSE today in Lagos Nigeria sat to deliberate on listing of 15 companies on the Floors of the nations Stock Exchange
Our source confirmed to Proshare NI that most of the companies got the approval to list mostly Rights Issues and supplementary listing.
“Almost all the companies got approval to list its shares on the Floors of the NSE, but I wouldn’t tell you the number” the source affirmed.
Tomorrow October 08, 2008, Multiverse Resources Plc would be listing 3.0 billion Ordinary Shares of 50 Kobo each at N1.80 Kobo per share.