By Michael Eboh
Transaction on the Nigerian Stock Exchange (NSE) was put in abeyance owning to the grounding of a power panel that helps to supply power to the trading machine on the trading floor.
Frantic efforts to put the trading machine to normal as the time of going to press has however proved aborted even as score of dealing members numbering about 39 were seen on the floor at about 6.30 pm, waiting on the problem to be rectified.
There are growing doubts if the power panel could be fixed in the week as the automated machine system is said to have been installed by foreign Canadian firm.
The Director General of the NSE, Professor 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 rectified.
Sources among the dealing members said the problem occurred at the weekend, as a result of power outage which affected the â€˜power charlet which led to the crash of the trading engine, when activities were to resume yesterday.
When contacted, principal manager of NSE, Mr. Sola Oni said the collapse of trading was as a result of power supply resulting from the power charlet.
He said at about 5.30 pm that the Exchange was making frantic efforts to fix the problem as he ruled any consideration for any manual option to enable stockbrokers trade for the day, as the option as been phased out since 1999.
According to him, if trading was to take place yesterday it would not be lengthy as a normal period of 9.30 am to 12.30pm, explaining however that what has happened has also happened to global markets like Russia, South Africa and New York stock exchanges in the wake of the global meltdown, although not due to power failure, but investors apathy.
He blamed the fault on the volatility of power supply country saying â€œthis is the first time we are experiencing this kind of situation, there have been delay in the past for two to three hours but not as long as thisâ€ he added