NSE explains disruption on trading activities

Technical hitch fingered
The Nigerian stock Exchange has given explanation on what caused disruption of trade on Thursday August 31, which led to the extension of closing hour of trading to 3.00pm.

A reliable source from the Exchange told Daily Times Nigeria that the brief disruption was a mere technical hitch, but was resolved soon after and trades were executed accordingly.
A source said, “ It is a mere technical problem, which often happens when you want to log in to your email or accounts, it was gathered that the development made traders not to be able to log in, but this was sorted out immediately it was identified.”
The source said that said that what happened was a mere technical challenge, and that the NSE did not trigger the circuit breaker, a devise usually employed to halt severe market depression.
“The NSE did not apply the circuit breaker, it was a technical problem and was immediately resolved and trading resumed. Because of the brief delay caused by the disruption, trading was extended by 30 minutes.”

Daily Times Nigeria gathered that the disruption stalled market operators from entering their trades, as mandates could not be entered or executed.
Around 2.pm on Thursday, a market operator affected by the trade disruption said, “Please, be informed that the glitch has been resolved and Nigerian Stock Exchange (NSE) trading system is back up. You can now go ahead and place your mandate using the easy trade platform. The closing time for the market has also been extended to 3.00pm.’’
Earlier, the market operator had reported that it was unable to present report to its clients on trading progress with updates on orders, offers and execution deals, primarily due to technical problem of the NSE trading platform.
Daily Times recalls that the Nigerian bourse has had no course to trigger the circuit breaker since January and as market has remained upbeat, may not have any need to deploy the market movement device control, going by sustained upbeat of the equities market.

Bony Amadi