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CAPITAL
MARKET STRUCTURE AND DEVELOPMENT (A CASE STUDY OF NIGERIA STOCK EXCHANGE NSE)
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 €œsmooth€ 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 €œtoo 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 releasethem 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 inproportion 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
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