Nigerian Exchange Limited (NGX) has suspended trading in the shares of Zichis Agro-Allied Industries Plc pending the outcome of a regulatory investigation into recent market activity surrounding the stock.
The suspension was disclosed in a Market Bulletin circulated to dealing members today.
According to the Exchange, the decision followed extraordinary price movements that saw the company’s share price soar by 772 per cent to close at N17.36 on Friday, February 20, from its listing price of N1.81 on January 20. The sharp appreciation has raised concerns about market integrity and investor protection.
The trading halt takes effect from yesterday and will remain in place until the conclusion of the investigation.
During this period, no transactions will be permitted in the company’s shares as regulators examine the circumstances behind the rapid price increase.
The NGX said the action aligns with its regulatory responsibility to maintain a fair and orderly market. It added that the suspension is intended to safeguard investors and ensure transparency within the capital market.
The Exchange cited Rule 7.0 of its Rulebook, which empowers it to halt trading in any listed security where necessary to protect the investing public and ensure compliance with Securities and Exchange Commission regulations.
NGX further advised market participants to take note of the development, reiterating its commitment to strengthening oversight and preserving orderly trading in Nigeria’s equities market.
