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 the company’s trading activities.
The exchange had initially suspended trading in the company’s shares in February in accordance with its rules governing the suspension of listed securities.
Zichis Agro-Allied’s share saw an extraordinary increase after its price climbed by 772 percent to close at N17.36 on February 20, from its listing price of N1.81 on January 20.
In a market bulletin issued by Godstime Iwenekhai, head, issuer regulation department, on Monday, NGX said the suspension, which was earlier announced on February 23, had been reviewed after the completion of regulatory checks.
The exchange said NGX Regulation Limited concluded its investigation and implemented corrective measures to ensure market integrity.
“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.
