The Nigerian Exchange Limited (NGX) has lifted the suspension on trading in the shares of Zichis Agro-Allied Industries Plc following the conclusion of an investigation into unusual market activity.
Trading in the company’s shares had been halted in February after a sharp and rapid price surge raised regulatory concerns.
The stock recorded an extraordinary 772 per cent increase, rising from N1.81 at listing on January 20 to N17.36 by February 20.
In a market notice issued on Monday, NGX said the suspension, initially announced on February 23, was reviewed after the completion of regulatory checks.
“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 notice reads.
The exchange added that the actions taken were consistent with its mandate to ensure a fair, orderly and efficient market.
According to the notice, trading in Zichis Agro-Allied shares resumed on March 23 following the conclusion of the probe and the implementation of necessary safeguards.
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