• No results found

In this section, question No. 1, 2, 3, 4 and 5 as regards to relation between capital market efficiency will be represented and analyzed.

Based on research question 1, the question has been answered.

TABLE 4.2.2: IMPROVE THE EFFECTIVENESS AND EFFICIENCY OF THE NIGERIAN CAPITAL MARKET.

Variable Responses Percentage (%)

Yes 12 85.7

No Nil -

Partially 2 14.3

Total 14 100

Source: Questionnaire Administered 2010.

From table 4.2.2 analysis, it can be seen that I.T has improved the effectiveness and efficiency of the Nigerian capital market. This is evidenced by 85.7% option for Yes and 14.3%

optioned for NO while partial in Nil.

TABLE 4.2.3: RATING THE IMPACT OF I.T IN THE NIGERIAN CAPITAL MARKET?

Variable Responses Percentage (%)

Excellent 10 71.4

Very good 2 14.3

Average 2 14.3

Total 14 100

Source: Questionnaire Administered 2010.

From table 4.2.3, 10 respondents rated the impact of I.T in the Nigerian capital market as excellent, 2 responded that it is very good while 2 responded that it is average. The results are in the following percentage 71.4, 14.3 and 14.3 for excellent, very good and average respectively.

TABLE 4.2.4: WAYS OF IMPROVING I.T IN THE NIGERIAN CAPITAL MARKET.

Variable Responses Percentage (%)

Computer Literate 7 50

Encourage other forms of I.T

4 28.6

None of the above 3 21.4

Total 14 100

Source: Questionnaire Administered 2010.

From Table 4.2.4, 50% revealed that to improve I.T in the Nigerian capital market individual investors and employees of the capital market has to be educated on the use of computer or to create awareness of being computer literate.

TABLE 4.2.5 APPLICATION OF IT TO INCREASE PROFITABILITY

Variable Responses Percentage (%)

Yes 12 85.7

No Nil -

No idea 2 14.3

Total 14 100

Source: Questionnaire Administered 2010.

Table 4.2.5, show 12 respondents relies that I.T have increased profitability representing 85.7% while 2 respondent had no idea representing 14.3% of total respondent. These responses show that I.T has improved profitability.

TABLE 4.2.6: HOW INFORMED ARE INVESTORS ABOUT INVESTMENT

The research intends to declare the level of information that investors have as a result of I.T

Variable Responses Percentage (%)

Highly informed 4 28.6

Moderately informed 8 57.1

Poorly informed 2 14.3

Total 14 100

Source: Questionnaire Administered 2010.

Table 4.2.6 showed 28.6% highly informed about investment as a result of I.T, 57% are moderately informed, 14.3% are poorly informed. We conclude that 57.1% of the investors are moderately informed as a result of I.T.

TABLE 4.2.7: TYPE OF INVESTMENT

The researchers want to reveal the type of investments that the capital market investors mostly invest in.

Variable Response Percentage (%) Ordinary share/equity share 7 63.663.6

Preference share 3 27.3

Debt securities 1 9.1

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.2.7, revealed that 63.6% of the respondents own ordinary share, 27.3% own preference shares, while 9.1% own debt security.

We can conclude by saying mostly the investors are ordinary share investors some little are of preference shareholding.

TABLE 4.2.8: DIRECT BUYING SECURITY FROM THE PRIMARY MARKET

Variance Responses Percentage (%)

Yes 6 54.5

No 5 45.5

Partially Nil Nil

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.2.8 revealed 57.1% of the respondent buy security directly from the primary market, while 42.9% are not directly from the primary market.

We can conclude that most of the investors buy security directly from the primary market.

TABLE 4.3.9: USAGE OF STOCK BROKER(S) BY INVESTORS

The research is trying to know whether the capital market investors use stock brokers as regard to how to invest or they don’t use them at all.

Variable Responses Percentage (%)

Yes 6 54.5

No 5 45.5

Partially Nil Nil

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.3.9 revealed that 54.5% of the respondents use stock brokers, while 45.5% do not engage in the service of stock brokers to invest in the capital market. This is mainly due to fact that stock market is a restricted market and only qualified personal (stock brokers) can trade on the floor of the stock exchange.

Also the 45.5% of the respondents that do not use the brokers for acquiring securities are people only buy the initial public offer (IPO) of the securities. This class of investors purchases securities not for trading purpose but for safe keeping.

This is due to poor knowledge of the operation of the capital market. The effect of this is shortage of instruments on the floor of the exchange. This is one of the factors responsible for shallow depth and narrow breath of the Nigerian capital market.

TABLE 4.3.10: RATING THE SERVICE OF NIGERIA CAPITAL MARKET

Variable Response Percentage

Good 3 27.3

Satisfactory 6 54.5

Not satisfactory 2 18.2

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.3.10, showed 27.3% are good service delivery, 54.5% said the service delivery by there broker is satisfactory while 18.2 % are not satisfactory.

We can conclude by saying service delivered by stock brokers are satisfactory.

TABLE 4.3.11.: LEVEL OF I.T AS A DETERMINED FACTOR FOR CHOOSING BROKER.

Variable Responses Percentage (%)

Yes 7 63.6

No 2 18.2

Partially 2 18.2

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.3.11, revealed that 63.6% said the level of I.T has been a determined factor for choosing their broker, 18.2% said no and 18.2% also said partially determined.

TABLE 4.3.12: BENEFIT THAT INFLUENCE CHANGE OF BROKER

Variable Responses Percentage (%) Better customer

relation

5 45.5

Customized/

Personalized Service

2 18.2

Corporate Confidence 4 36.3

Total 11 100

Source: Questionnaire Administered 2010.

Table 12 revealed that better customer relation will influence 45.5% of respondents to change their brokers, while customized/

personalized service 18.2% and 36.3% for corporate confidence 4: FORMS I. T TOOL IN RE-ENGINEERING CAPITAL

MARKET OPERATIONS

The essence of these is enable us know the type of I. T tools in re-engineering capital market operation.

TABLE 4.4.13: PREFERRED FORM OF I.T TOOLS.

Variable Responses Percentage (%)

Telephone 3 27.3%

Television / Radio 2 18.2

Internet 6 54.5%

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.4.13, revealed that 27.3% of the respondents prefer that their brokers get in touch with them via the use of Telephone, 18.2% prefer Television/Radio while 54.5 prefer the use of internet.

We can conclude that the investors of the capital market prefer internet as the major tool in which their broker will get through them followed by telephone.

TABLE 4.4.14: INVESTORS RATE THE UNDERSTANDING OF FINANCIAL NEWS AS A RESULT OF I.T TOOLS

Variable Responses Percentage

Highly informed 3 27.3

Moderately informed 7 63.6

Poorly informed 1 9.1

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.4.14, showed 27.3% are highly informed about financial news, 63.6% are moderately informed and 9.1% are poorly informed.

At last we can conclude that by saying investors understanding of financial news is averagely good since 63.6% of the investor’s rate it as moderately informed.

4.5: THE MODEN WAYS OF OBTAINING TECHNOLOGY BY INVESTORS ABOUT MARKET INFORMATIONS

The researchers intend to know the modern ways of obtaining technology information about the capital market. , Base on table 16 and 17, the research question on. 3 as been answered.

TABLE 4. 5. 16: INVESTORS HAVING CSCS ACCOUNT Variable Responses Percentage

Yes 5 45.4%

No 4 36.4%

No idea 2 18.2

Total 11 100

Source: Questionnaire Administered 2010.

Table 16 showed 45.4% having CSCS account, 36.4% does not while 18.2% does no have idea.

We can conclude by saying investors have CSCS account.

TABLE 4. 5. 17: AWARE OF INVESTORS ON AUTOMATIC TRADING MACHINE

Variable Responses Percentage

Yes 4 36.4

No 5 45.4

No idea 2 18.2

Total 11 100

Source: Questionnaire Administered 2010.

Table 4.5.17, showed 36.4% being aware of automatic trading machine, 45.4% does not while 18.2% does not have idea.

We can conclude by saying investors are not aware of automatic trading machine because 45.4% of the respondent are not aware.