By Taiye Olayemi
Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX Group), says the first trading day following the extension of market hours was smooth, with no operational hitches recorded.
The News Agency of Nigeria (NAN) reports that the change in trading hours commenced on Monday, April 27.
Trading hours changed from 9:30 a.m. – 2:30 p.m. to 9:00 a.m. – 4:00 p.m., as part of efforts to enhance market efficiency and liquidity.
Speaking with NAN on Tuesday in Lagos, Kwairanga said feedback from staff indicated that the transition to the new trading schedule was seamless.
“From my observation and feedback from my staff, the first day went smoothly and there were no hitches.
“It may take our operators a few days to adjust their internal processes to meet the new extended trading hours.
“The Exchange has to decide on the timing for events such as closing gong ceremonies, but we have started a new trading era successfully,” he said.
Also reacting, Mr David Adonri, Vice President of Highcap Securities Ltd., said the first trading session under the new regime went well, with all schedules met.
“The first trading day of extended trading hours went very well yesterday. All schedules were met and the system functioned appropriately,” Adonri said.
NAN reports that the seven-hour extended trading window initiative is part of efforts to modernise the exchange market.
It will allow the market more time to absorb macroeconomic data, corporate disclosures and global financial developments, thereby improving price discovery.
NAN also reports that it will also enable the market to respond more quickly to new information, reinforcing its role as an information-driven system.
Additionally, it will create better overlap with major international markets, making it easier for foreign portfolio investors to manage their positions in real time.(NAN)(www.nannews.ng)
Edited by Perpetua Onuegbu/Christiana Fadare
