“Broker Error Exposed: $65,000 Trade Scandal Unveiled”

A broker was responsible for a $65,000 trade “error” associated with the Punja family name.

The mistake on the South Pacific Stock Exchange involved four companies, three of which were connected to the Punja family.

Three companies—FMF, Rice Company of Fiji, and Atlantic & Pacific Packaging Company Limited—have directors with the Punja surname.

Fijian Holdings Limited was the fourth company.

South Pacific Stock Exchange (SPX) Chief Executive Sheraj Obeyesekene stated that $65,033.56 was traded before the cancellation.

“Cancelled trades do not have an impact on pricing, hence there has been no impact on the indices,” he said.

“There will be no financial impact to any investors involved as settlement did not take place.

“There was no ill-intent involved in the placement of orders concerned, it was a human error on the part of one of the brokers.”

The trade, executed on July 5, was canceled following a review which determined the orders were placed “in error by the broker representative concerned.”

SPX Records Encouraging Trading Activity during First Half of 2024

The South Pacific Stock Exchange reported encouraging trading activity in the first six months of 2024, with the trading value significantly higher than the same period in 2023.

More than $33 million worth of trade was recorded in the first six months of 2024, compared to $3.4 million in 2023, according to Mr. Obeyesekere.

The SPX Total Return Index grew by 4.44 percent since the start of the year.

“Market performance during the month of June contributed to a strong end to the period in review, with a total of 289 transactions yielding an aggregate volume of 4,370,649 shares and a trading value of $10 million, a noteworthy improvement of 4504.14 percent compared to May 2024, which was largely driven by significant institutional investor activity,” the exchange stated.

Market capitalisation increased by 3.25 percent in June to end the month at $3.46 billion.

Based on the recent uptrend in success, SPX was hopeful for a continuity in momentum, said chairperson Nitin Gandhi.

“SPX is in a period of transition and we look forward to exploring new opportunities to grow the investor base and invite the Fijian public to actively explore stock market investments as a means to achieve financial growth,” he said.

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