NGX Advises on Zichi Agro's 772% Share Price Surge

The Nigerian Exchange Group (NGX) issued an advisory on February 20, 2023, concerning Zichi Agro Allied Industries PLC and other companies due to notable price movements observed in recent trading sessions. The advisory was prompted by an extraordinary 772% increase in Zichi Agro's share price, which closed at N17.36, up from an introductory price of N1.81 per share on January 20, 2023.

The company, which has 600 million ordinary shares listed on the NGX Growth Board, saw its market valuation rise to approximately N1.19 billion. The NGX Regulatory Compliance (RegCo) emphasized the importance of investor awareness and due diligence, advising against speculative trading based on unverifiable information.

Olufemi Shobanjo, CEO of NGX, reiterated the commitment to maintaining a fair and orderly market, ensuring transparency and stability in trading activities.