Association of Stockbroking Houses of Nigeria has been endorsed by the management of FBN Holdings Plc, as it seeks to deepen the nation’s capital market through strategic engagement with stakeholders.
ASHON said in a statement that it was commended for its series of initiatives, including the floating of the Lagos Commodity and Futures Exchange.
The Chairman, ASHON, Chief Patrick Ezeagu, was quoted as saying during a courtesy visit by the association’s executive officers to FBN Holdings that stockbrokers were always eager to get fresh information from quoted companies to enhance their investment advisory role to clients.
According to him, the stock market is information-driven, and quoted companies are obliged by the Nigerian Stock Exchange’s Post Listing Requirements to ensure regular dissemination of information to the market to enable stockbrokers to serve as a rally point for the market, quoted companies and shareholders.
Ezeagu said, “It is important that we have regular information concerning what is happening within the companies that are quoted on the Exchange so that the brokers will appropriately appreciate the efforts of the people who are running those companies and know exactly what they are planning to do.
“This will help stockbrokers to advise their clients effectively. The engagement will be a continuous one because that is the only way that we can be sure that they are operating in a very transparent manner and that we too are kept abreast of what is happening within the companies.
The Group Managing Director, FBN Holdings, Mr Urum Eke, who acknowledged the collaborative efforts of ASHON to move the market forward, was quoted as saying, “We know the primary role that stockbrokers play in deepening the market and creating awareness. And so, for us, this is a partnership that should be strengthened.
“I was particularly delighted to learn of the plan to get into commodity exchange that ASHON is promoting. I think it supports the government initiative towards deepening the market. On our part, we are going to provide our platform, which is the First Bank of Nigeria Limited. The commercial bank will support the commodity exchange initiative. We will definitely partner with them. It is a great development for the market.”
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