Broker's Mistake Cancels $65k Trade on SPX
More than $33million worth of trade was recorded in the first six months of 2024, compared to $3.4m in 2023, Mr Obeyesekere said.
Wednesday 10 July 2024 | 15:31
South Pacific Stock Exchange chairman Nitin Gandhi hoped for continued momentum at the exchange in light of its recent success.
A broker was behind a $65,000 trade "error" linked the Punja family name.
The error on the South Pacific Stock Exchange involved four companies, three of which were linked to the Punja family.
Three companies, FMF, Rice Company of Fiji, Atlantic & Pacific Packaging Company Limited, have directors with the Punja surname.
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Fijian Holdings Limited was the fourth company.
South Pacific Stock Exchange (SPX) chief executive, Sheraj Obeyesekene said $65,033.56 were traded prior to cancellation.
"Cancelled trades do not have an impact on pricing, hence there has been no impact on the indices," he said.
"There will be no financial impact to any investors involved as settlement did not take place.
"There was no ill-intent involved on the placement of orders concerned, it was a human error on the part of one of the brokers."
The trade, executed on July 5, was cancelled following a review which determined the orders were were placed "in error by the broker representative concerned.
SPX Records Encouraging Trading Activity during First Half of 2024
The South Pacific Stock Exchange said encouraging trading activity was recorded in the first six months of 2024, where the trading value recorded during the period was considerably higher than the same period in 2023.
More than $33million worth of trade was recorded in the first six months of 2024, compared to $3.4m in 2023, Mr Obeyesekere said.
The SPX Total Return Index grew by +4.44 per cent since the start of the year.
"Market performance during the month of June contributed to a strong end to the period in review, with a total of 289 transactions yielding an aggregate volume of 4,370,649 shares and a trading value of $10m, a noteworthy improvement of 4504.14 per cent compared to May 2024, which was largely driven by significant institutional investor activity," the exchange said.
Market capitalisation increased by 3.25 per cent in June to end the month at $3.46billion.
Based on the recent uptrend in success, SPX was hopeful for a continuity in momentum, said chairperson Nitin Gandhi.
"SPX is in a period of transition and we look forward to exploring new opportunities to grow the investor base and invite the Fijian public to actively explore stock market investments as a means to achieve financial growth," he said.
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