The Nigerian Exchange Limited (NGX) has suspended trading in Zichis Agro-Allied Industries Plc shares, following unusually high price movements since the company’s recent listing. The suspension, announced on Monday, comes as the Exchange investigates the rapid surge in the stock, which has raised eyebrows among investors and market watchers.
Zichis Agro-Allied, a newcomer on the NGX Growth Board, was listed on January 20, 2026, with 600 million ordinary shares introduced at N1.81 per share. In just over a month, the stock skyrocketed to N17.36 per unit, representing an extraordinary 859% gain. The Exchange described the move as necessary to safeguard investors and ensure market integrity under Rule 7.0 of its Issuers’ Rulebook.
NGX’s notice emphasized that the suspension would remain in effect until the completion of its review of recent transactions involving Zichis shares. The Exchange highlighted that such action is consistent with regulatory provisions designed to protect the investing public and maintain fair trading conditions. The bourse further clarified that trading will resume only after the investigation concludes.
Responding to the development, Zichis Agro-Allied’s management assured investors that, to the best of their knowledge, no undisclosed material information exists that could have influenced the stock’s rapid rise. The company urged shareholders and potential investors to exercise caution pending further updates while reaffirming its commitment to comply with all listing rules and disclosure obligations.
Meanwhile, the broader market maintained a bullish trend on Monday. The NGX All-Share Index climbed to 196,263.56 points, with market capitalization reaching N125.97 trillion, supported by gains in banking, industrial, and insurance stocks. Trading activity surged, with share volumes jumping 57% to 1.29 billion units and transaction value rising 11% to N31.5 billion, highlighting continued investor interest despite the temporary halt on Zichis shares.
source: punch