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Technical hitches prevent trading on NSE

By on July 26, 2014

Trading activities could not take place on the Nigerian Stock Exchange on Thursday due to technical glitches, our correspondent has gathered.

Operators who spoke to our correspondent explained that they could not trade because the trading engine could not connect to the systems.

One of the operators, who spoke on the condition of anonymity said, “The trading engine could not connect to the trading terminals and when they were able to secure it, majority of our traders could not log in. So, the entire trading did not last for more than 10 minutes.”

Also, the daily market statistics, which the Exchange sends out at the close of trading were not sent, while the NSE website could not be accessed.

Efforts to get the Exchange to comment on the development were unsuccessful as the corporate communication officials could not be reached.

A call to the Head, Corporate Communications, NSE, Nwando Ajene, went unanswered, while a text message sent to her was not replied.

The week has been negative for the Exchange in terms of equities’ performance as the market had closed lower for the three days in which trading occurred this week.

It is unclear if the problem has been resolved and whether there will be trading on Friday (today).

At the time of filing this report, the NSE website was still inaccessible.

On Wednesday, the NSE All Share Index fell by 0.28 per cent or 120.62 basis points to close 42.544.33 basis points.

The ASI had also fallen by 0.28 per cent the previous day to close at 42,664.98 basis points.

The market capitalisation of the listed equities suffered a similar fate, shedding N40bn or 0.28 per cent to close at N14.048tn, the same level of depreciation it recorded in the previous session to close at N14.088tn.

The NSE 30 Index, which tracks the performance of the top 30 companies on the Exchange in terms of capitalisation, fell by 4.28 basis points or 0.22 per cent to close at 1,936.92 basis points.

 

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