After hours of discussion, Kalanick agreed to resign. This is a bold decision and a sign of his devotion and love for Uber. We look forward to continuing to serve with him on the board. Following his leave, Kalanick had put day-to-day leadership in the hands of several employees who had reported directly to him.

Perhaps most damaging were the numerous reports of sexual harassment and discrimination at the company, which led to an external investigation into complaints that eventually resulted in more than 20 employees being fired. NIGERIAN STOCK MARKET ANALYSIS.

Trading on the floor of the Nigeria Stock Exchange NSE had a very difficult session in the early hours of trading on Tuesday gapping down to 33, The decision has finally been delayed till November by which time it would become clear if the Central Bank of Nigeria CBN can sustain its recently introduced import and export Fx window.

Meanwhile, stock markets around the world were mixed to close higher as the U. S Dollar appreciated, despite the continued decline in oil price over the fear of oversupply, even as the Organisation of Petroleum Exporting Countries OPEC are yet to make any move to check the impending glut, or comment on the situation.

Also, there is the fear of inflation and instability in the U. S economy as the Fed plans to hike rates again before the year end, despite justifying its decisions on economic data and labour market reports. Meanwhile, the benchmark NSE All Share Index gained Similarly, market capitalisation for the day rose by N Also, growth in market capitalisation for the same period stood at N2.

Market breadth for the day was negative as the number of decliners outnumbered advancers in the ratio of Market transactions in terms of volume and value were down by It was followed by Julius Berger Investors should not panic on pullbacks if they have taken position based on strong numbers and future prospects of any stock.

It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Once more, at the risk of repeating oneself, we must reiterate that industry potential is very important when picking a stock, because there are factors that are sector-specific and would naturally impact positively or negatively on companies operating within such an industry, especially now that the economy is recovering.

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The fee is N20, per participant. Payment should be made into: Zenith Bank; Account Name: InvestData Consulting Limited; Account Number: Transactions on stocks and other securities are more complex and volatile than other markets especially after the global financial meltdown and how it reflected to the economic status of the world including the local bourse that is still facing crisis of confidence.

The question market operators and other stakeholders have continued to ask has also remained — how to turn around the market. Hence, several players in the market are calling for the Exchange to lower transaction costs and encourage new listings if they want to become more attractive vehicles for raising capital and lure new investment.

But following the weak condition of the local bourse, market operators believe the time is ripe for the regulatory authorities to heed the advice and toe the line of other countries, which have enacted a compelling law to reduce these obstacles, which is holding the market from being the bastion of the economy.

They noted that this is the only way to set in motion the necessary machinery required to turn around the market. This is because in Nigeria, it has always costs that constitute impediment for market operators even to companies wishing to list their shares, while already listed ones are looking for excuses to delist from the exchange due to excessive charges.

For instance, stockbrokers earn only 1. The rest goes to Securities and Exchange Commission SEC , Central Securities Clearing System CSCS , NSE and statutorily charges such as stamp duty and Value Added Tax VAT.

Some market operators are of the opinion that given the fact the regulators get money from registration, penalties and others, they ought to receive very minimal commission on secondary market transactions. According to reports of transaction costs across global markets, cost appears highest in Ghana, followed by Nigeria, while the United States US has the least transaction cost with no charges on stock trades.

Hence, lower cost of transaction appears consistent with the level of market development and by implication, market efficiency, as costs are lower in US, China, India and South Africa which is more developed compared with the Nigerian and Ghanaian markets. The commission noted that the applicable rate has been changed from 0.

Concerned by the complaints of high transactions costs on the Nigerian bourse, SEC also noted that one of its near-term targets is the reduction of transaction costs in the stock market. The Director General of the Commission, Mr. Mournir Gwarzo, who disclosed this while briefing the media on the outcome of the first quarter Capital Market Committee CMC meeting in Lagos recently, said this became necessary to attract more operators in the market.

He noted that since the beginning of the year, the new management has recorded appreciable progress in some of the areas that are critical for market growth and development.

Elamah’s exit from Edo Revenue Service - Vanguard News

He disclosed that the Capital Market Committee CMC , the umbrella body of all capital market stakeholders under the leadership of the Securities and Exchange Commission SEC adopted the application of the transaction fee structure for the SEC, NSE, issuing houses and receiving agents as presented by the Commission.

The fee structure according to the Gwarzo, shall be operated as a pilot scheme for a period of one year, after which its impact shall be reviewed with a decision on either its continuance or discontinuance. The NSE last year announced the revision of the listing and trading fees for securities listed and traded on its Fixed Income Market.

The revised fee structure, which became effective on August 17, , will be piloted for an initial six months period, and then evaluated to determine if it has met its objectives. Under the revised fee structure, the NSE will no longer charge trading fees on fixed income traded on its platform.

The initial flat listing application fees of 0.

With this, Corporate Bonds exclusively listed on the NSE, with existing equity listing, will attract 0. Dual listed Corporate Bonds with existing equity listing and other Corporate Bonds will attract 0. Similarly, the listing application fees for State and Supranational Bonds has been reduced to 0.

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The Exchange also replaced the fixed Brokerage Commission of 0. This will enable investors negotiate trading commission with brokerage firms, thus driving competition and best execution. Benefits of the reduction Speaking on the development, Executive Director, Capital Markets, NSE, Mr.

Jalo-Waziri described the investment opportunities in the Nigerian capital market as huge, urging issuers to raise cheap long term capital through bond issuance for business expansion, project finance, loan refinancing among others , and investors to be more active in the bonds segment.

Mike Eze, described the initiative as a welcome development. He said a reduction in transactions costs will attract more investors. According to him, the relatively high costs of transactions on the NSE calls for concern to investors particularly at the retail segment of the market with such charges as the stamp duty still being charged on every transaction, which takes place on an electronic platform.

NSE Today - TRW Stockbrokers Ltd

Speaking in the same vein, the President, Progressive Shareholders Association of Nigeria PSAN , Mr. Boniface Okezie, also described the action as a step in a right direction. He said the regulators should also extend the initiative to include equity listings.

Okezie noted that transaction cost scares away many investors in equities, adding that regulators have not made the market attractive enough to encourage companies to remain listed, or even to attract fresh listing. Twitter Email WhatsApp Print Facebook LinkedIn Pocket Google Reddit CHATROLL Pinterest Telegram Tumblr Skype.

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