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Technical glitch prevents Thursday trading on Nigeria bourse - brokers
July 24, 2014 / 6:12 PM / in 3 years

Technical glitch prevents Thursday trading on Nigeria bourse - brokers

LAGOS, July 24 (Reuters) - 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 Clarke)

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