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CAPITAL MARKET
STRUCTURE AND DEVELOPMENT (A CASE STUDY OF NIGERIA STOCK EXCHANGE NSE)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
The Nigerian capital market is a long term end of the Nigeria
financial system just as the money market is its short-termed in other words,
the capital market performs for the economy, at the long-term end, the
functions which the money market performs at the short-term end of the
spectrum. Thus, while those who are short of funds and need to borrow for
short-term propose borrow from the money market, those who are short of fund
and are desirous of borrowing for the long-term go to the capital market, those
who are short of fund and are desirous
of borrowing for the long-term go to the
capital market.
Similarly while those who have funds surplus to their
immediate requirements and wish to lend or invest these funds for short-term
periods do so in the money market, those who have such funds and to lend there
for long periods invest or lend these funds to
capital market.
The regulation of financial markets and the liberation of
economies capital flows in sere veal African countries raise a number of
challenging issues. Policy makers and practitioners are concerned and involved
with these issues. A vast set of issues concerns the setting up and designs of
capital market operation (trading structures). This employs the philosophy of
capital market building, the role of capital market (stock) market in achieving
the overall financial objectives (auctions and dealership) choice for the
relative competitiveness of emerging stock markets, connections between
innovative in trading and regulations world market.
1.2 STATEMENT OF
THE PROBLEM
The Nigerian stock exchange has undergone a tremendous
revolution over the years. After about 38 years of establishment, the Nigerian
stock exchange can be said to have existed long enough to permit a capital look
at its structure and development. The stock exchange long enough to permit a
capital look at its structure and development. The stock exchange or its
establishment was expected to provide appropriate machinery to facilitate
further offering to stock and shares to the general public in the private
sector of the economy, encourage the investment of savings so soon as it is
clear that stocks and shares are readily available.
However, any doubt the importance of domestic capital
market in ensuring a balanced economic
growth should have been dispelled following the experience of most countries
since 1980’s. The chronic problems of national and corporate indebted have driven the futility of combining too much short term with too little long term equity.
Things have not been that “smooth” for the Nigerian capital
market as intended as at the time of establishment. There are some constrains
in this sector. It is believed in some quarters of the economy that the Nigeria
capital market is underdeveloped and has
not shown substantial growth since
independence. And that shares are rarely traded and prices do not reflect trading features of the
listed companies.
Also it is feared that the Nigeria capital market has “too
many” things to do that it will be unable to develop it’s market structure
effectively and efficiently.
1.3 OBJECTIVES OF
THE STUDY
This research project has the objective of highlighting the
Nigeria capital market structure and development. It looks at the capital
market operations, the key participants
in the Nigeria capital market and to analyze the capital market structure
in aiding the development of the
Nigerian economy.
In view of this, capital market operations, the need for
stock exhcnage and the Nigerian capital make and capital structure and
development thoroughly dealt with for analytic purpose.
1.4 SIGNIFICANCE OF
THE STUDY
This study will educate and expose ignorant business men and
student to understand the operations of the NSE thus, widening the horizon of
knowledge of the general public, especially the operations and policy makers of
the capital market recommendations will in no small measure serve as guide
towards improved performance.
1.5 STATEMENT OF
HYPOTHESIS
Hypothesis is a conjectural statement of the relationship
between two or more variables. They are
always declarative sentence from and they relate to either generally or
specifically variable to variables.
Therefore, the following invalid and alternative hypothesis
could help us to reach a more reasonable and unbiased end:
Ho: The NSE has not
been performing a significant role in the Nigerian economy development.
Hi: The NSE has been
performing a significant role in the Nigeria economic development.
1.6 SCOPE OF THE
STUDY
This project is restricted to the study of Nigerian stock
exchange, Lagos as a case study. And covered the period 2005 to 2007.
1.7 DEFINITION OF
KEY TERMS
NSE – Nigeria
stock exchange
SEC – Securities and exchange commission
SECURITIES – These are written on printed financial documents
by which the claims of holders in specialized properly are secured. They could
be stock, shares, bonds and debenture traded on a stock exchange.
STOCK EXCHANGE
– An organized market for securities.
SHARE HOLDING – The shares owned by
specific payer.
ISSUING HOUSE – This is a dealing member that helps to
prepare prospectus to sell new securities offered to the public by company and
government.
EQUITY – Ordinary shares of a company residual right of
ownership over the assets of a firm.
DIVIDEND – part of the profits of a company appropriated to
shareholders.
DEBENTURE – A document, which contains an acknowledgement of
your indebtedness.
JOBBERS – Those who help map up all surplus stock and release them to the market as demand permits.
STOCK BROKERS - A firm or person who buys and sells
securities on behalf of investors for a commission called brokerage.
INVESTORS – A person or an institution who uses his savings
or borrowing to buy securities.
BROKERAGE – This is a commission that stock broker charge for
service rendered.
RIGHT ISSUE – these are funds obtained by issue of share for
cash ordinary share holders in proportion to their existing holdings unless
shareholders in general meeting agreed otherwise.
PRICE EARING: - this is the current market price of share of
ratio (PIE) dividend by it’s earning per share. The ratio indicates investor’s
confidence in the stock as well as pay back period of the stock.
BONUS SHARES SCRIPT – These are new share made fully paid by
the capitalization of reserves and allotted three of charge to ordinary
shareholders in proportion to their
existing holdings.
NSEC – Nigeria Stock Exchange commission
IPO’s – The pricing of securities
BOND – Securities that has a nominal value and which entitles
it’s holder to the payment of interest by the issuer at regular intervals until the user redeems the
bond.
BOND HOLDER – the on who
owns a bond.
CAPITAL MARKET – A market for the supply of capital to firms.
ECONOMIC DEVELOPMENT – This is a sustained improvement in
material well development being which we may consider to be reflected in an
increasing flow of goods and services
OFFER FOR SALE - A public offer of shares in a company which
is made by an issuing house and in which the shares being sold are not new
shares but have been sold by the existing share holders.
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