Lagos, JANUARY 14 2019-theG&BJournal- The Nigerian equities market extended gains from last week as the benchmark index appreciated by 0.45% to 29,964.79 points, following buying sentiment in DANGCEM shares despite a technical glitch which impacted trading activities for about four hours.
Head of Shared Services Division, NSE, Mr. Bola Adeeko, said that the glitch was resolved and market transactions continued at 1:45p.m. Due to the lost trading time, Mr. Adeeko explained that a decision was taken to extend the trading hours on Monday to 3:30p.m, from the usual time of 2:30p.m. He further confirmed that the root cause of the disruption has been fully rectified.
According to Mr. Adeeko, NSE has a robust business continuity framework in place with processes designed to forestall and reduce the impact of such unpredictable technical glitches when they occur. “The Bourse has a solid track record of high availability and systems resilience, whilst working with some of the cutting edge technologies required to power up a modern Exchange and will continue to work to enhance this”.
In the end, Month-to-Date loss moderated to 4.66%. Most sectoral indices – Consumer Goods (0.07%), Banking (-0.08%), Oil & Gas (-0.27%), and Insurance (-1.53%) – closed negative. The notable stocks include GUINNESS (-1.52%), WEMABANK (-8.33%), FO (-3.45%), and LINKASSURE (-9.23%). Meanwhile the Industrial (+1.08%) index closed positive on account of the gain in DANGCEM (+1.69%).
Market breadth was flat with 11 losers and 11 gainers, led by LINKASSURE and FIRSTALUM (+9.09%) stocks respectively. Total volume moderated by 35.8% to 132.41 million units, valued at NGN1.09 billion, and exchanged in 2,542 deals.
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