Technical glitch shuts down Australian stock market

Published On: November 16, 2020Categories: Stocks & Shares1.4 min read

The Australian Securities Exchange is responsible for assets worth $1.7 trillion

A technical glitch has shut down the Australian stock market. The Australian Securities Exchange released a statement shortly before 11am AEDT but major shares appeared to have stopped trading 40 minutes earlier.

The Australian Securities Exchange (ASX) equity market is currently paused and there is no trading while we investigate market data issues, it tweeted. ASX apologises for the disruption and is working to rectify the issue as soon as possible.

The ASX is responsible for assets worth $1.7trillion, the world’s third biggest pool of investment funds.

One concerned Twitter user asked if there was malice directed at the ASX.

Just admit it. You’ve been hacked, the message said.

The technical fault appeared to have happened about 40 minutes before the ASX announcement, with mining giant BHP’s shares frozen at $36.49 at 10.23am, just 23 minutes after the share market opened on Monday morning.

Commonwealth Bank shares halted at $74.49 a minute later, at 10.24am.

CMC Markets chief market strategist Michael McCarthy said an upsurge in interest from new share market investors was putting pressure on global stock markets.

Before trade was halted, the benchmark S&P/ASX200 was up 1.2 per cent following a strong lead from Wall Street in the United States, where the Nasdaq tech stocks index rose 1.02 per cent as the broader S&P500 climbed 1.36 per cent and the Dow Jones Industrial Average surged 1.37 per cent.

We had seen positive performances from European and US shares on Friday night so we were looking at a pretty good start, Mr McCarthy said.

Investors also backed Australia joining the Regional Comprehensive Economic Partnership, a trade agreement involving 15 nations in Asia and the Pacific.

We’re hearing accounts that record number of accounts have been opened, record numbers of trades have been processed and it’s not just here in Australia, it’s around the world and that’s stressing market infrastructure everywhere, he said.

About the Author: Jonathan Adams

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