Chairman of the Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, has given an update on first trading day following the extension of market hours of the exchange.
He spoke following the change in the trading hours 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, a policy shift that commenced on Monday.
“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.
For Mr David Adonri, Vice President of Highcap Securities Limited:
“The first trading day of extended trading hours went very well yesterday. All schedules were met and the system functioned appropriately,” Adonri said.
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.
It will also enable the market to respond more quickly to new information, reinforcing its role as an information-driven system.
The Nigerian Exchange Group chairman added that the latest switch will create better overlap with major international markets, making it easier for foreign portfolio investors to manage their positions in real time.
NAN
