LAGOS, July 24 A technical glitch prevented
trading on the Nigerian Stock Exchange (NSE) on Thursday, the
first such halt since Africa's biggest economy switched to the
Nasdaq X-Stream platform last year, brokers said.
Stockbrokers told Reuters they could not log clients' buy
and sell orders on the Nigerian trading platform from shortly
after the market opened for trade.
Sub-Saharan Africa's second-biggest index,
which has gained just under 3 percent this year, adopted the
Nasdaq X-Stream trading platform in October and has said the new
technology would improve the speed of transactions.
The old technology was slow and price rather than quote
driven. It was also prone to glitches but it had a back-up which
meant that trades could still take place.
Stock exchange officials were not immediately available for
comment. The new trading system is expected to increase trading
volumes and boost investment into Nigerian companies, the bourse
said at its launch last year.
Dealers can use the Nasdaq platform to trade cash, equities,
bonds, exchange traded funds (ETFs) and also to monitor several
markets at once on the same screen, which they could not before.
(Reporting by Chijioke Ohuocha; Editing by Tim Cocks and David