The Nigerian Stock Exchange, NSE, has commenced an equity research coverage targeting about 150 quoted companies not covered by independent sell side analysts' reports.
This was launched alongside four other Value Added Services namely: Corporate Governance, Investors' Relation, Corporate Access and Institutional Services.
Making the disclosure at the launch, weekend, Mr. Oscar Onyema, CEO, NSE, said that his management decided to take the step since sell side analysts have coverage just for about 50 big cap companies.
His words: "We engaged independent investment research firms to produce company reports for the investing public. Our focus is on less visible listed companies that are not covered by sell side analysts. "We aim to raise these companies' profile and visibility amongst investors to ultimately engender more interest and activity on their shares."
He noted that unlike reports from sell side analysts, the NSE's research will exclude sell, hold or buy recommendations on any given stock, while companies wishing ton access the services will have the price highly subsidized.
Speaking on other services launched, Onyema explained Corporate Governance bouquet was designed to assist the boards and executive management of listed companies to adhere to best practices in the rules and processes by which they operate their businesses, adding that through training programmes for directors and other stakeholders, the Exchange aims to promote fairness, transparency, accountability and integrity in an organisation's relationship with all its stakeholders with a view to increasing shareholder value.
"Investors' relation is a well designed programme that will help to enhance the understanding of a company's strategic direction by the investing public, encourage informed deliberation and analysis among investors and analysts on a company's performance through provision of timely, appropriate and accurate information, thereby improving a company's market reputation and visibility.