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THE
NIGERIAN STOCK EXCHANGE FACTBOOK 2008 Published
Under the Authority of the Council
of: THE NIGERIAN STOCK EXCHANGESTOCK EXCHANGE HOUSE Telephone: 234-01-2660287, 2660305,
2660335, 2669978, 2661293 Telex 23567 STEX.NG Fax: 234-01-2668281, 2668724 E-mail: nse@nigerianstockexchange.biz Website:www.nigerianstockexchange.com BRANCHES: Yola Uyo EDITORIAL BOARD Prof. Ndi Okereke-Onyiuke, PhD, OON (Chairman) Mr. Kene Okafor (Editor) Mr. Farooq Oreagba (Editor) Mr. Arize Nwobu (Deputy Editor) Copyright: The Nigerian Stock
Exchange ISBN 978 0262 - 1 - 6 Design/Typesetting by: Management Information Technology Department of
The Nigerian Stock Exchange, Produced by: Pathway Communications
Ltd., 5/6, Next to AfriBank
Estate, Ilupeju - Tel: 01-7911733 |
FACTBOOK 2008 |
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THE NIGERIAN STOCK EXCHANGE – FACTS AND FIGURES
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The
Nigerian Stock Exchange was established in 1960 as the Lagos Stock Exchange. In
December 1977 it became known as The Nigerian Stock Exchange, with branches
established in some of the major commercial cities of the country. There are
now nine branches of The Nigerian Stock Exchange. Each branch has an
electronic trading floor. The head office in Lagos was opened in 1961; Kaduna
branch in 1978; Port Harcourt, 1980; Kano, 1989; Onitsha, February 1990;
Ibadan, August 1990; Abuja Area Office, 1999; Yola, 2002; Benin, January
2005; Uyo 2007 and Ilorin 2008. The
Exchange started operations in Many of
the listed companies have foreign/multinational affiliations and represent a
cross-section of the economy, ranging from agriculture through manufacturing
to services. Operators The
market has in place a tested network of stockbrokerage firms, issuing houses
practicing corporate law firms, and over 50 quality firms of auditors and
reporting accountants (most with international affiliation). The
Stock Exchange and most of the stockbroking firms and issuing houses are
staffed with creative financial engineers that can compete anywhere in the
world. Therefore, the market has in place a network of intermediating
organizations that can effectively and creditably meet the growing needs of
investors in Integrity is the watchword of The Stock
Exchange. Market operators subscribe to the code “Our word is our
bond”. Thus, public trust in the Nigerian stock market has grown
tremendously, with over three million individual investors and hundreds of
institutional investors (including foreigners who own about 51% of the quoted
companies) using the facilities of The Exchange. Trading System The
Nigerian Stock Exchange has been operating an Automated Trading System (ATS)
since The ATS
has facility for remote trading and surveillance. Consequently, many of our
dealing members trade online from their offices in Pricing The
Nigerian Capital Market was deregulated in 1993. Consequently, prices of new
issues are determined by issuing houses and stockbrokers, while on the
secondary market prices are made by stockbrokers only. The market/quote
prices, along with the All-Share Index, are published daily in The Stock
Exchange Daily Official List, The Nigerian Stock Exchange CAPNET (an intranet
facility), our website (nigerianstockexchange.com), newspapers, and on the
stock market page of the Reuters Electronic Contributor System. Our on-line
code in the Reuters Network is NSXA-B. The All-Share Index The
Exchange maintains an All-Share Index formulated in January 1984 (January 3,
1984 = 100). Only common stocks (ordinary shares) are included in the
computation of the index. The index is value-weighted and is computed daily. Clearing, Delivery and Settlement Clearing,
Settlement and Delivery of transactions on The Exchange are done
electronically by the Central Securities Clearing System Limited (CSCS), a
subsidiary of The Stock Exchange. The CSCS Limited (“the Clearing
House”) was incorporated in 1992 as part of the effort to make the
Nigerian stock market more efficient and investor-friendly. Apart from
clearing, settlement and delivery, the CSCS Limited operates a central
depository and offers custodian services. Transaction cycle is T + 3. Stock Market Legislations Transactions
in the stock market are guided by the following legislations, among others: ¨ Companies & Allied Matters Act
of 1990. ¨ Investments & Securities Act
of 1999. ¨ Nig. Invest. Promotion Com. Act of
1995. ¨ Trustees Investment Act of 1990. ¨ Foreign Exchange ¨ The Pension Act of 2004. (Monitoring &
Miscellaneous Provisions) Act of 1995. Regulation Transactions
on The Exchange are regulated by The Nigerian Stock Exchange, as a
self-regulatory organisation (SRO), and the Securities & Exchange
Commission (SEC), which administers the Investments & Securities Act of
1999. The Nigerian Stock Exchange is an Affiliate Member of the World
Federation of Exchanges (WFE). Foreign Investment In
1995, the Federal Government abrogated the Exchange Control Act of 1962 and
the Nigerian Enterprise Promotion Decree of 1989. Consequently, foreigners
now participate in the Nigerian capital market both as operators and
investors. There are no limits to
the percentage of foreign holding in any company registered in the country. |
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Important Note: While every effort is made to ensure accuracy, no responsibility is accepted for any error, which may occur in this book. Home | The Stock Exchange| Quoted Companies | Issuing Houses | The Registrars © Nigerian Stock Exchange All Rights Reserved |
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