Key Highlights
The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Zichis Agro-Allied Industries Plc, effective February 23.
The suspension is due to a regulatory investigation into “extraordinary price movements” of the company’s stock.
Zichis Agro-Allied’s share price surged by 772 percent, closing at N17.36 on February 20, compared to its listing price of N1.81 on January 20.
The Nigerian Exchange Limited (NGX) has taken decisive action by suspending trading in the shares of Zichis Agro-Allied Industries Plc.
This move comes in response to a staggering 772 percent increase in the company’s share price, prompting a regulatory investigation into recent trading activities.
According to a market bulletin issued to dealing members on Monday, the suspension took effect on February 23, and will remain in place pending the conclusion of the review.
The NGX highlighted “extraordinary price movements” as the reason for the suspension. Zichis Agro-Allied’s share price had climbed dramatically from its listing price of N1.81 on January 20, to close at N17.36 on Friday, February 20.
The exchange is now probing the circumstances surrounding this significant price surge.
