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Investors spend N26bn on equities as trading resumes

By on July 27, 2014

Investors staked N26.618bn on 536.869 million shares in 7,048 deals on Friday after the Nigerian Stock Exchange fixed the network hitches, which disrupted trading the previous day.

Trading activities had been prevented due to failure of the trading engine to connect with the trading terminals on Thursday.

An operator, who spoke to our correspondent had explained, “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.”

The NSE had explained in a statement by its Head, Corporate Communication, Nwando Ajene, and Media Relations Executive, Mr. Joseph Kadiri, that the problem was technical.

The statement read, “Due to an unexpected technical issue experienced on Thursday, July 24, 2014, trading on The Nigerian Stock Exchange was disrupted. This was as a result of a network fault which has now been identified.

Our engineers and technical partners are working to resolve this issue as quickly as possible. The Exchange is taking this situation very seriously and will continue to provide updated information.”

Following the resolution of the problem trading had taking place on Friday without hitch.

At the close of Friday’s trading, 23 stocks recorded price appreciation, while 40 others recorded price depreciation.

Portland Paints and Products Plc topped the gainers, rising by 9.89 per cent or 47 kobo to close at N5.22 per share.

It was followed by Cement Company of Northern Nigeria Plc, which gained 6.78 per cent or 90 kobo to close at N14.17 per share.

Transnational Corporation of Nigeria Plc and Stanbic IBTC Holdings were up by 6.37 per cent and 5.78 per cent to close at N5.51 per share and N29.09 per share, respectively.

Flour Mills of Nigeria Plc, Mobil Nigeria Plc and Total Nigeria Plc fell by five per cent each to close at N73.98, N161.41 and N176.45 per share in that order.

Despite the huge expenditure on equities on Friday, the major market indicators closed on a negative note for the fourth time this week.

The market capitalisation of the listed equities shed N80bn to close at N13.963tn, while the NSE All Share Index fell by 0.57 per cent or 243.92 basis points to close at 42.258.82 basis points.

 

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