1.7 Limitation of the Study. 4
2.1 The Nigerian Stock Exchange. 11
2.2 Major Participants in the Nigerian Capital Market14
2.3 The Securities and Exchange Commission.. 15
2.4 The Investment and Securities Act 1999. 17
2.5 Classification of Capital Market17
2.5.4 First Tier Security Market FSM19
2.5.5 Second Tier Securities Market SSM19
2.6 Methods of Bringing Shares to the Floor Of Exchange. 20
2.7 Memberships of the Stock Exchange. 22
2.8 Benefits of Capital Market through the Reforms. 25
2.9 The Deregulation of Nigerian Capital Market26
2.10 The Capital Market and Nations Economic Development27
2.11 An Assessment of the Nigerian Capital Markets. 29
2.12 Advantages of Capital Market33
2.13 Securities Pricing on the Floor of the Exchange. 34
3.1 Methods and Instruments of Data Collection.. 35
3.3 Testing Research Hypothesis. 37
3.4 Determination of Critical Value. 37
3.5 Limitation and Constraints. 39
4.0 Analysis, Presentation and Interpretation.. 40
4.1 Data Analysis and Presentation.. 40
4.2 Research Findings and Interpretation.. 40
4.3 Analysis of Data Hypothesis. 49
4.4 Transaction on the Nigerian Stock Exchange. 54
4.5 Market Capitalisation.. 55
4.6 20 Most Capitalised Companies on the Nigeria Stock Exchange. 55
4.7 Statistical Summary of market performance in 2002. 56
4.8 Analysis of the Secondary Data. 60
5.0 Summary, Conclusion, Recommendation and Suggestions for Further Studies 63
5.4 Suggestion for Further Studies. 66
Development does not occur in a vacuum. A necessary condition for rapid economic development is the effective mobilisation of resources within the economic of interest. In other words, there is need to bring those with surplus goods or funds that are willing to part with them together with their counterpart with deficit goods or funds that need them for a purpose. Thus, as there exist commodity market where people exchange their merchandise for money so also there is a financial market where people exchange their surplus funds with financial instruments. Therefore, for an economic development to be rapid. It will be essential to establish effective tools for mobilization and allocation of financial resources. This is done through the capital market. The capital market thus serves as an avenue and important institution in effective and efficient distribution in effective and efficient distribution and allocation of available scarce financial resources for development purposes. As such, capital market helps in capital formation and economic growth of the nation. The result of the findings showed that over the years market capitalisation has brought an increase in the GDP from one year to another which means that more capital is being formed for economic development in Nigeria.
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