The Nigerian Stock Exchange (NSE), on Thursday “suspended” financial services holding company Unic Diversified Holdings Plc (formerly Unic Insurance) in what it explained is to “ensure market integrity.”
There was no information as to how long the suspension would last and whether it is “technical” (no movement in share price as in the case of Oando Plc), or “full” (no trading in the shares as is the case for companies undertaking share reconstruction)
The suspension, the NSE told trading, “followed an abnormal behaviour in the (company’s share) price.
“Currently, it allows input of prices outside the price band for today which is based on the reference price of 19 kobo.”
The suspension is to allow for further investigation into how the company’s share price moved outside of the 10% upward or downward movement allowed for any stock on the exchange in one day.
Observers explained that the share price of Unic Diversified gained over 200% at some point during the day.
“Further updates will be given in due course, as we progress with further investigations. All inconveniences are regretted,” the NSE’s terse statement further noted.