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Centralised trading floor may take back seat
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According to her, the newly commissioned cosmopolitan trading floor commissioned last November 9, 2007 was applauded by the stockbrokers even though they have been trading perfectly from their individual offices.
Okereke-Onyiuke said that Nigeria has established various branch network of its trading floor yet the New York Stock Exchange (NYSE) with the most set of technology has no branch network.
“Trading floor of the Nigerian Stock Exchange may only stay for five years going by the disposition of the stockbrokers. All the commissioned floors are connected on-line real time to enable the stockbrokers have simultaneous transactions” she said.
The DG said that the reason for concentrating the floor was to avoid foul play that could come from stockbrokers. She noted that in America where the level of transparency is high, stock brokers could trade from their offices yet they have centralized stock exchange where all of them converge.
While appraising the market for the year ended December 31, 2007, she said the stock market recorded a significant rise in activity as a result of high lending rates in the money market, improved macroeconomic performance, profit-taking and stock switching by investors.
She said activity in the secondary market for the year was influenced by the improved awareness of the opportunities in the stock market, improved operating market results by some quoted companies, large available float especially in the banking and insurance sectors. She said that sustained inflow of pension funds and low interest rates on deposits in the money market also contributed in the activity in the market.
According to her, turnover on the Exchange closed the year at N2.1 trillion or 19.5 percent of GDP, up by 343.7 percent on the N470.25 billion which is 2.6 percent of GDP recorded in 2006. Onyiuke noted that the bulk of the transaction were inequities which accounted for N2.08 trillion or 99.66 percent of the turnover value, up from the 99.6 percent recorded in 2006. Transactions in the industrial loans sector accounted for N2.87 billion or 0.14 percent.
Okereke-Onyiuke said that Nigeria has established various branch network of its trading floor yet the New York Stock Exchange (NYSE) with the most set of technology has no branch network.
“Trading floor of the Nigerian Stock Exchange may only stay for five years going by the disposition of the stockbrokers. All the commissioned floors are connected on-line real time to enable the stockbrokers have simultaneous transactions” she said.
The DG said that the reason for concentrating the floor was to avoid foul play that could come from stockbrokers. She noted that in America where the level of transparency is high, stock brokers could trade from their offices yet they have centralized stock exchange where all of them converge.
While appraising the market for the year ended December 31, 2007, she said the stock market recorded a significant rise in activity as a result of high lending rates in the money market, improved macroeconomic performance, profit-taking and stock switching by investors.
She said activity in the secondary market for the year was influenced by the improved awareness of the opportunities in the stock market, improved operating market results by some quoted companies, large available float especially in the banking and insurance sectors. She said that sustained inflow of pension funds and low interest rates on deposits in the money market also contributed in the activity in the market.
According to her, turnover on the Exchange closed the year at N2.1 trillion or 19.5 percent of GDP, up by 343.7 percent on the N470.25 billion which is 2.6 percent of GDP recorded in 2006. Onyiuke noted that the bulk of the transaction were inequities which accounted for N2.08 trillion or 99.66 percent of the turnover value, up from the 99.6 percent recorded in 2006. Transactions in the industrial loans sector accounted for N2.87 billion or 0.14 percent.
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