THE NIGERIAN STOCK MARKET AND THE ROLE OF STOCKBROKERS IN THE STOCK PRICING: (CASE STUDY OF APEX SECURITIES ENUGU

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ABSTRACT

Stock Market facilitates the buying and selling of securities, such as shares and bonds. They also perform two valuable functions, which is liquidity and pricing securities.

A stockbroker is one whose job is to buy and sell stocks and shares. This project will probe into the objective and importance of stock market and the role of stockbrokers in terms of stock pricing.

Questionnaires were used in collecting data for this research. The following findings were made:

(1)Stockbrokers are quite different from investors

(2)Stockbrokers and investors are partners in progress and it such co-operate is desirable.

(3)The prices of stock are not stable at all.

(4)Nigerian Stock Exchange is underdeveloped.

(5)Inadequate infrastructures used in issuing houses highlighted hinder the progress of this business like other businesses.

TABLE OF CONTENTS

Title pageII

Approval pageIII

DedicationIV

AcknowledgementV

Table of contentsVI

List of tablesX

AbstractXII

Chapter One

1.0Introduction1

1.1Background of the Study2

1.2Statement of the problem9

1.3The purpose of the study9

1.4Scope or delimitation of the study10

1.5Research questions11

1.6Hypothesis12

1.7Significance of the study13

Chapter Two

2.0Review of Literature14

2.1The Nigerian Capital Market15

2.2The Nigerian Stock Exchange19

2.3Functions of the Stock Exchange 22

2.4Dealing on the Exchange24

2.5Problems of the Nigerian Stock Exchange35

2.6Pricing on the primary market38

2.7Pricing on the Secondary Market44

2.8Pricing of Securities45

2.9Factors affecting stock prices46

2.10Stockbrokers.48

2.11Types of Brokers49

2.12Summary of Literature Review52

Chapter Three

3.0Methodology53

3.1Research Design53

3.2Area of Study53

3.3Population of the study54

3.4Sample and sampling54

3.5Instrument for data collection55

3.6Validation of the Instrument55

3.7Reliability instrument56

3.8Method of data collection56

3.9Method of analysis.57

Chapter Four

4.0Presentation Analysis and Interpretation of Data59

4.2Summary of findings.79

Chapter Five

5.0Discussion, Implication and Recommendations 80

5.1Discussion of the Results80

5.2Conclusion84

5.3Implication of the Results`85

5.4Recommendations85

5.5Suggestions for further research87

5.6Limitations of study87

References89

Appendices I91

Appendices II92

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THE NIGERIAN STOCK MARKET AND THE ROLE OF STOCKBROKERS IN THE STOCK PRICING: (CASE STUDY OF APEX SECURITIES ENUGU

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