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Operators seek end to secondary market levy
Layi Adeloye
Capital market operators in the country have stressed the need to do away with or reduce significantly the one-per cent levy imposed by the market�s apex regulatory body, the Securities and Exchange Commission, on secondary market transactions as a way of making, the market more investor friendly.
According to the stock market operators, the Federal Government would have to adequately fund SEC as it is the practice in other sectors, in order to reduce its dependence on transactions at the market.
The stock market operators in a communique to the Nigerian Stock Exchange�s 2004 Biennial conference held in Abuja, made available to our correspondent on Sunday in Lagos, also listed other market enhancing policies.
The conference, which featured chief executives and directors of quoted companies and other stakeholders in the financial markets, was primarily convened to strengthen the NSE�s relationship with the issuers of securities, market operators and other stakeholders as parts of efforts to develop the stock market.
Other recommendations that emerged from the forum included, the need to imbibe more global trends in stock market operations, enhancement of the principle of corporate governance and the need to make listing on the NSE more attractive to local companies.
According to the communique, there arose an increased necessity for effective monitoring of companies in accordance with the provisions of the companies and Allied Matters Act 1990 as regards corporate financial operations of the management.
For instance, the forum advocated that dividends unclaimed for 12 years should be reverted to the company, while investors should take more interest in the companies they have invested in by constantly monitoring the management�s performance.
�Chief executives, accountants and auditors should take more responsibilities for the quality of accounts they sign off,� the forum slated
For effective performance of the stock market, the forum stressed the need for dealing members and capital market registrars to automate their process and be on-line with the Central Securities and Clearing System for efficient operations of the secondary market.
The Punch, Monday July 19, 2004
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STOCK MARKET
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As at Thur, July 16, 2004
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8,265
8,250
8,235
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| Guinness |
 |
N154.35 |
+735k |
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| Mobil |
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N148.36 |
+706k |
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| Cadbury |
|
N63.04 |
+706k |
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| Total |
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N199.50 |
-1050k |
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| Conoil |
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N165.00 |
-765k |
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| Nestle |
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N169.20 |
-581k |
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Volume: 406.3 million
Value: N4.05 billion
Deals: 19,802
Index: 27,276.62
Mkt Cap: N1.934 trillion |
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AUTO WORLD
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