MarketWatch

[BigSeun]

The NSE has intervened in the market. Prices can not go lower than the closing price of Friday. Hence, there will be no loser today.
Reason for this intervention is yet to be announced, but i guess is to protect investors from panic selling.

[XXCASH]

Originally Posted by BigSeun

The NSE has intervened in the market. Prices can not go lower the closing price of Friday. Hence, there will be no loser today.
Reason for this intervention is yet to be announced, but i guess is to protect investors from panic selling.

Honestly, when i saw the price list for today it looked like voodoo.

I wait eargerly to know the reason for this.

[billions]

Originally Posted by XXCASH

Honestly, when i saw the price list for today it looked like voodoo.

I wait eargerly to know the reason for this.

ope ooooo.Make i go buy d thing wey i wan buy,i dey fear b4.I believe that CBN will reverse d rule on margin facilities now....

[kenebobo]

who say prayers no dey work. I don get confidence now to invest more kudi into this show.

[billions]

Originally Posted by kenebobo

who say prayers no dey work. I don get confidence now to invest more kudi into this show.

I just checked todays price...it would hv been "too bad" if not 4 d intervention.Almost all stocks would hv been in red.

My guy,i will wait to c what will happen b4 making my decisions o.

Make i call my broker sef....

[Abinishio]

'Caveat Emptor'
Does it mean when our mkt is correcting we intervein?
I think this in itself can erode mkt confidence.
I'm happy for it ohh, at least my losses are mitigated, but is it good for the mkt generally?

Food for tot
AB

[kenebobo]

Originally Posted by Abinishio

'Caveat Emptor'
Does it mean when our mkt is correcting we intervein?
I think this in itself can erode mkt confidence.
I'm happy for it ohh, at least my losses are mitigated, but is it good for the mkt generally?

Food for tot
AB

From my own view, it is a good idea as this would give investors confidence and security over their funds. The recent downturn in market was as a result of fear of further fall of stock. Due to this people were selling massively resulting in more sellers than buyers which further lead to a decline in price. Investors prefered to have their money at hand than see it depreciate in the stock market, afterall the reason we are in this business is to make profit and not losses. The down trend was scaring investors.

With this news, it has given investors confidence that price wouldnt head south for a while which leaves only one direction for price to go which is North. people would no longer want to sell at will and buyers would want to buy because they now know that price wouldnt fall further so they would be willing to buy. This would make the market head upwards and give investors confidence over the market especially those that take loan from banks and place of work to buy shares. The only thing I would advice everone is to make their purchases before the market starts reacting to the news.

[knightofdelta]

Originally Posted by Abinishio

'Caveat Emptor'
Does it mean when our mkt is correcting we intervein?
I think this in itself can erode mkt confidence.
I'm happy for it ohh, at least my losses are mitigated, but is it good for the mkt generally?

Food for tot
AB

I was shocked when I did not see a single red on the closing list. I initially thought that the NSE had placed a technical suspension on all prices until I saw this post. I have been running from pillar to post to know what exactly was going on. Non of my stockbrokers picked my calls... I thought it was the end of the world or something.

They say what is good for the goose may not necessarily be good for the gander. Inasmuch as this order is a welcome one, I have my reservations about it. The market has a soul of its own and placing prices on emergency suspension (that's the best name that comes to mind to describe this phenomenon) is like damming a flood. I pray the tide ebbs very soon or else, it will boil over and it may end up being a catastrophic move. I feel strongly that the suspension is like using paracetamol to treat headache caused by cancer of the brain. There is no point doing a cosmetic surgery for a problem that has more serious underlying cause.

i will hold on to my money. I aint buying nothing else because I don't know what is going to happen. The only question I have now is that does that mean that all companies as at Friday have attained their minimum price levels forever? For how long is this emergency suspension going to last?

Well, we will wait and see what they have to say.

[Taipan]

Originally Posted by BigSeun

The NSE has intervened in the market. Prices can not go lower than the closing price of Friday. Hence, there will be no loser today.
Reason for this intervention is yet to be announced, but i guess is to protect investors from panic selling.

I think this is the most terrible development we've had in a long time! Don't this people understand the simple concept of a free market?

[billions]

Originally Posted by Taipan

I think this is the most terrible development we've had in a long time! Don't this people understand the simple concept of a free market?

It is a shame that they allowed things to degenerate to this point...the nigerian market is now constrained.

[zainabusman]

Originally Posted by Taipan

I think this is the most terrible development we've had in a long time! Don't this people understand the simple concept of a free market?

I think this is a disaster. I will wait for the papers tomorrow to understand what NSE is thinking.

This is a free market. U cannot just manipulate prices like this.

This is the worst thing that could have happenned to this market.

[zainabusman]

Originally Posted by knightofdelta

I was shocked when I did not see a single red on the closing list. I initially thought that the NSE had placed a technical suspension on all prices until I saw this post. I have been running from pillar to post to know what exactly was going on. Non of my stockbrokers picked my calls... I thought it was the end of the world or something.

They say what is good for the goose may not necessarily be good for the gander. Inasmuch as this order is a welcome one, I have my reservations about it. The market has a soul of its own and placing prices on emergency suspension (that's the best name that comes to mind to describe this phenomenon) is like damming a flood. I pray the tide ebbs very soon or else, it will boil over and it may end up being a catastrophic move. I feel strongly that the suspension is like using paracetamol to treat headache caused by cancer of the brain. There is no point doing a cosmetic surgery for a problem that has more serious underlying cause.

i will hold on to my money. I aint buying nothing else because I don't know what is going to happen. The only question I have now is that does that mean that all companies as at Friday have attained their minimum price levels forever? For how long is this emergency suspension going to last?

Well, we will wait and see what they have to say.

I am also not buying anything until NSE explains what this "rubbish" is all about.

In my view any discerning investor will hold onto his or her money until things are clear. Afterall u can earn 9% or more in the money market.

[XXCASH]

Take it easy. Let us hear what NSE has to say.

They should better have a real good explanation for this

[zainabusman]

Originally Posted by XXCASH

Take it easy. Let us hear what NSE has to say.

They should better have a real good explanation for this

We will hear what they have to say in the next few hours.

But this is a huge mistake. This amounts to price fixing. Who do u think will now buy Investment and Allied Insurance? Is it not better to be able to sell and move on than to be stuck with a stock for a long time because no one is buying?

Look at Crusader Insurance for example that has been on TS for a long time. It should be selling for N6 or less. But it has now been pegged at N7.5. Is this fair to the rest of the stocks that took a beating in the last 3 months? Another one is Intercontinental bank which in my view is grossly over valued compared to the rest of the banks. Who will want to buy it at this price considering such a poor dividend yield and a PE of 24?

I am sure this kind of thing will not be done any where in the world. I hope the NSE reverses itself and let us have a free market. As it is the market is not longer a free one.

[hispy99]

Afrinvest says the a "technical glitch" was the cause of today's problem. Let's wait and see what will happen tomorrow.

[zainabusman]

Originally Posted by hispy99

Afrinvest says the a "technical glitch" was the cause of today's problem. Let's wait and see what will happen tomorrow.

Thanks for this info. Because it will really be bad if NSE engages in price fixing.

I also noticed i could not access my CSCS account since Friday. I keep getting an error message.