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Difference and Similarities between Nigerian Stock Exchange Market and other local market?


Nigeria as a case study

Similarities:

- T+3 settlement

- Automated trading system.

Differences:

- Trading is only 2 hours a day!

- Heavy fees: 1% Securities and Exchange Commision fee, .075% stamp duty, high commisions (1% minimum), 5% VAT on commisions.

- Shorting must occur above current bid price.

- Fully remote trading capability for brokers off floor.
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Additional color:

Largest company is Zenith Bank, with a market cap of about 500 billion Nigerian Niari, or about $4 billion USD. About 50% of Nigerian market cap is held by foreign institutional investors. The Nigeria Index is up about 60% or so this year.

Hope this helps!
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