Trading resumes after company’s shares surged 772% since listing, following regulatory review….
The Nigerian Exchange Limited (NGX) has officially lifted the suspension on trading in the shares of Zichis Agro-Allied Industries Plc, following the completion of a regulatory investigation into unusual market activity.
The suspension, which was first imposed in February, came after the company’s stock experienced an extraordinary surge, climbing 772% from its listing price of N1.81 on January 20 to N17.36 by February 20. The rapid price increase prompted the exchange to temporarily halt trading in accordance with its rules on the suspension of listed securities.
In a market bulletin issued by Godstime Iwenekhai, the NGX stated that its regulatory arm, NGX Regulation Limited, had completed its investigation and implemented corrective measures to safeguard market integrity.
The notice emphasized:
“Trading Licence Holders and the investing public are hereby informed that NGX Regulation Limited has concluded its investigation into the trading activities in the Company’s shares and has implemented corrective measures to safeguard market integrity.”
The exchange noted that the actions were taken in line with its mandate to promote a fair, orderly, and efficient market.
Effective March 23, trading in Zichis Agro-Allied shares has resumed, allowing investors to once again buy and sell the stock on the NGX platform.
This development marks a significant moment for both investors and the exchange, as regulatory oversight ensures confidence in a market that recently witnessed one of the most dramatic share price movements in recent listings.
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