Following the perceived stability in the stock market and new listings by some local investors, some foreign investors have renewed interest in the stock market, the management of the Nigerian Stock Exchange has said.
The Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, who spoke with some financial journalists on Thursday, said the Nigerian stock market was relatively stable currently and there were positive signals from the market.
According to him, ”A lot of foreign investors are now interested in our market. There is stability in the market. There are positive signals. The global crisis has created a situation whereby people are not willing to buy shares, but the market locally is showing positive signals.”
The stock market had been relatively stable in the last few weeks with indices rising steadily.
The NSE had also stated its willingness to increase the limit on daily share price movement from five per cent to 10 per cent.
Ikhazoboh, who disclosed this to Reuters on Tuesday, noted that the trading hours might also be extended from two to three hours.
He said that the move was part of efforts by the NSE to boost liquidity, as well as attract more foriegn investments into the exchange.
According to him, the five per cent cap on individual stock movements had drastically reduced liquidity, while the trading day shut out United States and other foreign investors.
He said, ”Within the next three weeks, I believe the case of the price cap and the number of hours of trading will be determined. Papers have been prepared, we just need the approval of the stock exchange council and the Securities and Exchange Commission‘s approval.”
Source:http://www.punchng.com/Articl.aspx?theartic=Art201010290494540
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