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Wednesday, November 21, 2007

NSE: Leaving media behind automation

Market Intelligence:

Recently, the Nigerian Stock Exchange (NSE) commissioned its reportedly world-class automated trading floor in Lagos.

Although the unveiling has come and gone, one fact remained worrisome to some stakeholders who used that opportunity to peep into what is going on at the Capital Market and one of this being that despite the automation spray by NSE, Nigerian media covering the market seems to have been relegated to the background.

This was more evident given the number of Personal Computers (PCs) available for media representatives to use, probably in working on their stories, which investigations from various media houses proved to be most late news material.

This is in addition that by the time the market is closed, say officially around 12 noon, and the collation of data amongst the over 100 stockbrokers are finalised and cross-checked for computation, online upload and printing out for those on the floors of the market, it would be between 4pm and 5pm.

Then individual media representatives are expected to head to their offices to analyse the daily market print-out for their customers and considering the heavy daily traffic on Lagos roads, these individuals are bound to arrive late depending on which part of Lagos their offices are located.

However, Champion Infotel investigations revealed that only one PC is made available to media representatives at the floor of the market. Although connected to the Internet, it witnesses an average of five persons usage per day, that is, if they decides to be brief in turns.

Observers, therefore, lamented this situation in a nation’s leading capital market especially when the media centre is located at 23rd floor, while the market is 8-9th floor.

It may not be necessary that every media organisation in this country have a PC representatives at the centre, but at least one for over 20 media organisations focused on the capital market is grossly inadequate.

It would be in the utmost interest of the nation’s stock market if its media is made to grow along with the supposedly evolution taking place at the market.

This could be achieved through both empowering the media representatives and organising of regular hands on training, at least quarterly for them.

The earlier we start, the better, just as the use of intercom among stock brokers could save lots of money for those without loud voices and stipends on Tom-Tom sweets or bitter kola fruits as the case may be.



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