must i deal with a stockbroker ?

[egoldman]

Hello Guys ,
if i happen to buy stocks of a company from an issuing house ,say a bank and i see that the stocks have gone up, now how do i sell this stocks ? must i employ the services of a stock broker to be able to sell my stocks ,what actualy are the advantages of selling your stocks through a stock broker ? is it possible for one to sell his stocks without the services of a stock broker ?
thanks and hoping to get some answers .

[paragon]

hi egoldman,
it very nice of you to ask such questions because it enebles you to know more and educate others.

Well, yes you need a stockbroker to sell your shares because that it what they are there for. not all nigerians have access to the stockexchange and not all nigerians know the dynamics of the exchange. Stockbrokers are trained to handle such transactions and they only charge a little amount for selling your shares.(say about 5%)

As a result, it is not possible for one to sell shares without the services of a stockbroker.Some people think that stockbrokers are fraudulent atimes. well if that is your concern, it is possible to handle your portfolio yourself so that when you want to sell shares, it is only the number of units you want to sell that you hand over to the broker. Also you can also monitor your shares from the internet from anywhere in the world.

Hope you are content with this reply. Remember to refer your friends to this discussion forum.

Thankyou

[egoldman]

thanks for ur reply ,so in essence you are saying that if i could monitor my shares online ,i could know when they aprechiate and then i could contact a stockbroker and ask him to sell as much number of shares as i want right ?

[egoldman]

Also I Forgot To Ask ,what About Taxes ,do I Have To Pay Taxes Ontop Of The Broker's 5% Fees ?

[paragon]

hi egoldman,
i'm glad you're content. Yes you can monitor your shares but it requires certain procedures. Also, you do not need to pay tax on the stipulated percentage that the broker will charge you. the tax has already being included into the brokers charges.

[Dis GuY]

do you know any stockbroking firm(s) that can open an account for someone outside of nigeria with lil problems, great internet website and fast and efficient service
Basically i want to do everything without stepping foot in nigeria
thank you

[SavyInvestor]

I use BGL securities through a very decent young lady call Anne Omezi. She is extremely professional and efficient. I will be delighted to forward her e-mail address

[SavyInvestor]

Does anyone know if my new tranch of Oceanic Bank shares which I bought last week (10/1/07) qualify for the 42kobo per share dividends?

[chikejane]

One joy of being an individual investor is the ability to control what happens to your portfolio. I have researched the quality of information on the websites of Security outfits in the Nigerian Stock exchange. The best is www.cashcraft.com

The stock prices page updates 30 minutes after the close of trading every day. At 17:00 GMT you can view the market price list. You can lso view companies interim result, 5 year summary etc. I had a chat with their Wale Akinrele 2 days ago and plan to commence trading with them on tuesday next week. He claimed that they can give me onlne realtime access to my CSCS account through their portal. That means i can monitor my account, initiate transactions and view my account statement from anywhere in the world. IT IS FREE!

Give me till thursday next week to confrm their practical efficacy. Alternatively, you can pay N50k per annumm and join SBA Research website or N18k per annum for the NSE website.

NB: Savvyinvestor, your Oceanic bank purchase is okay. They will close their register on Monday 15th January.

Cheers

[Tajudeen Tijani]

It is impossible not to engage the services of a stock brokers because they are the only recognised body by the NSE who is authorised to deal with stocks either you are buying or you are selling.

[Tajudeen Tijani]

It is impossible not to involve stockbrokers b/c they are the only recognised body by the market to deal with stocks

[egoldman]

Hello guys,
sorry for not commenting here for some time now . Well i have some questions that i would like to ask ;

1 if i buy shares from the primary market and asked that my certificate be credited to my cscs account ,how long would this be done,i really do hate the time it takes for certificates to be posted to addresses .
2 my broker have opened an account with the cscs for me but told me that it would take sometime (about a month ) for me to be able to login to my account ,is this normal ? i realy want to be able to login to my cscs account ,my broker had given me registration and account numbers ,but told me that i cant log for now,should i be concerned ?

[Stockbear]

Hi Egoldman

Regarding your first question, this will be dependent on when the allotment is carried out. Share certs are only issued after the allotment phase and nobody tells you when this will happen. However, Dangote (if I'm correct) was the first to offer crediting your CSCS account. I did not choose that option b'cos at the time I had no stockbroker. Those who did can share with us when their account was credited.

On a different note, if crediting CSCS works, buying from the primary market will become attractive to all investors, somehow I'm not too optimistic for the fact that delaying issuing of certs makes it easy for them to prevent investors disposing of their shares within the short term. If they make this possible, will they not lose the capital they came to the market for in the first place?

To your second question: You are with Cashcraft, like I am. The first question is, have you made any purchases with Cashcraft? If yes, you can either go to the CSCS web site and try logging into your account, if possible, or register to use the site, or you can verify any purchases by calling the 24hour phone lines provided.

As a last resort, if you have someone you trust, you can give them your CSCS account number and they can phone in Nigeria and verify on your behalf.

On the other hand, if you haven't made any purchases, you won't have anything to verify, since your account is empty.

Cashcraft, I have found to be inefficient. There was either I problem or the other. The initial problem I was told had to do with a backlog at the CSCS, so they couldn't issues CSCS numbers. This is what I was told. So it took almost 3 weeks to get the account open. After that hassel, it took almost 2 weeks to effect my order. When it was finally bought, it did not show up on the cashcraft account until another week.

I'm still watching.....

[egoldman]

hello guys,
my brokers have bought shares for me from the open market ,this was done after i was registered with the cscs,so i thought i should be able to login to my cscs account and see thins for myself,but i was told that it would take about a month for that to happen ,i want to know if this is ok .