Fiji TV share trade suspended as price fluctuation being investigated
The South Pacific Stock Exchange has suspended the trading of Fiji Television Limited shares after trading activity last week caused its price to increase by 49%.
SPSE CEO, Ms Latelita Qoro said regulations required the Exchange to investigate fluctuations in a company’s share price more than 10% to ensure the trading “have a sound basis and are supported by information about a listed company that has been made publicly available.”
Ms Qoro added that the trading suspension was necessary to avoid any speculative trading in FTV shares until the investigations were complete.
Fiji TV CEO, Mr Geoffrey Smith last week assured shareholders that management had no “direct or indirect influence on share price activity.”
In October last year, Fiji TV’s share price had dropped from $2.39 to $1.00. However, the share price rose fro $1.51 to $2.25 last week after 3500 shares were traded.
Mr Smith clarified that the company did not have any information which was not in the public domain that could have triggered the surge in stock price.