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2009-07-07:Power outage paralyses activities at NSE

Friday Ekeoba

For the first time in 10 years transaction at the Nigerian Stock Exchange (NSE) was put on hold, following the grounding of a power panel which supplied power to the trading machine on the exchange.

Efforts to put the trading machine to normal as of the time of going to press proved abortive, even as score of dealing members, numbering about 39, were seen on the floor around 6.30 pm, waiting on the problem to be rectified.

There are doubts if the power panel could be fixed in the week as the automated machine system was said to have been installed by foreign Canadian firm.

The Director-General of the Exchange, Dr. Ndi Okereke-Onyuike, had assured stockbrokers on the commencement of trading about 12 noon but the promise was not fulfilled, as the problem could not be rectified.

Sources among the dealing members said the problem occurred at the weekend, as a result of power outage which affected the power charlet, leading to crashing of the enginewhen activities were to resume on Monday.

When contacted, Principal Manager of NSE, Mr. Sola Oni, said the collapse of trading was as a result of irregular power supply from the power source.

Meanwhile, the authorities of the NSE will meet stakeholders today on the way forward for the market.

Source:Nigerian Tribune

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