NSE experiences disruption for 90 minutes

Nigerian equities extended their declines in an interrupted session (technical glitch) on Monday, which dragged trading for an additional 90 minutes.

The Nigerian Stock Exchange’s market capitalisation shed N32bn to close at N8.47tn from N8.502tn, while the All‑Share Index slid to 24,650.92 basis points from 24,719.27 basis points.

Conoil Plc, Oando Plc, Cement Company of Northern Nigeria Plc, Law Union and Rock Insurance Plc and Cutix Plc led the losers’ table.

In all, the market had 20 losers and 12 gainers.

A total of 129.696 million shares worth N582.454m exchanged hands in 1,660 deals.

Conoil shares depreciated by N1.70 (9.37 per cent), to close at N16.45 from N18.15, while those of Oando also shed N0.38 (8.33 per cent) to close at N4.18 from N4.56.

CCNN shares, in the same vein, closed at N6.68 from N7.03, losing N0.35 (4.98 per cent).

This happened as top oil producers failed to reach an agreement to freeze production over the weekend. While Asian markets traded mostly lower, European and the United States markets climbed into positive territory as investors looked past the failed oil production ‘freeze talks’.

The financial services sector (-60bps) halted its four-day positive run following losses in sector-leaders Zenith Bank Plc (-131bps), Guaranty Trust Bank Plc (-13bps) and FBN Holdings Plc (-90bps).

Similarly, the consumer goods sector (-64bps) remained under water as the sell pressure persisted on bellwether Nigerian Breweries Plc (-142bps). The industrial goods sector (-3bps) also shed weight albeit mild as decline in CCNN (-498bps) offset modest gain in heavyweight Dangote Cement Plc(+4bps).

Equity Assurance Plc topped the volume chart, trading 40 million units whilst GTBank topped the value chart, trading 11 million units, worth N181m.

The NSE, in a statement on Monday, noted that throughout the glitch that disrupted market activities, it maintained open communication with trading community.

“However, trading recommenced at 2.15pm and was extended to 4.00pm. (from the usual time of 2.30pm) in order to give investors the opportunity to complete their desired transactions for the day.

The bourse said it regretted any inconvenience the incident might have caused, adding, “The NSE wishes to reassure investors and stakeholders of its commitment to provide best in class trading services with optimal availability.”

The Exchange stated that it intended to open for trading at the normal trading hours on Tuesday (today).