Investor Protection Fund rises to N600m ' NSE

As part of drive to provide investors in the securities market a form of shock absorber in the event of investment loss, the Nigerian Stock Exchange (NSE) has said that the Investors Protection Fund in its custody has risen to N600 million.The NSE said the fund which presently is in the coffers of a first generation bank further showed the transparency and integrity, the management of the Exchange seeks to bring to bear on the operation of the market.The NSE's immediate past Sole Administrator Mr. Emmanuel Ikazoboh made this disclosure at the NSE's 15th Annual General Meeting on Tuesday, noting that the dealing members query of the figure of the Investors Protection Fund in its financials was actually N600 million and not N2 million.Addressing dealing members, the Head of Council Mallam Balama Manu said, the market closed in 2010 with a total market capitalisation of N10.3 trillion and as at October 31, 2011, the total market capitalisation was relatively unchanged at N10.3 trillion.He said, the market capitalisation of listed equities suffered a slightly different fate, adding,' In 2010, the equities market capitalisation was a healthier N7,91 trillion, but by October 31, 2011, had dropped to N6.63 trillion, a decline of 16 per cent.'He said that the All Share-Index which ended 2010 at 24,770.52 points had fallen to 20,934.96 points by the end of October 2011.He said,' Throughout the year, the NSE-ASI struggled to maintain its footing. It was down 0.60 per cent in the first quarter, 0.84 per cent in the second quarter, and another 17.8 per cent in the third quarter, recording a year-to-28 November 2011 decline of 18.84 per cent.According to him, 'a total of 79.24 billion shares worth N548.6 billion were traded in the period between January and October 2011, compared with 79.20 billion shares worth N680.6 billion in the same period one year before. On market development Manu said 'we are also gearing up to offer our listed companies value-added services, which include, sound corporate governance, investors relations, institutional services, provide analyst coverage and corporate access. Meanwhile, the intervention of the former President of the Nigerian Stock Exchange, Dr. Oba Otudeko saved the Securities and Exchange Commission (SEC) nominees from being voted out of the board of the Nigerian Stock Exchange (NSE).The nominees were co-opted as board member in August 4, 2010 when the SEC removed the former Director General of the Exchange, Prof. Ndi Okereke-Onyuike and appointed interim administrator led by Mr. Emmanuel Ikazoboh.
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