“Punja Family Trade Error Unveiled: $65,000 Shock”

A broker was responsible for a $65,000 trade error involving the Punja family on the South Pacific Stock Exchange. This error affected four companies, three of which were linked to the Punja family—FMF, Rice Company of Fiji, and Atlantic & Pacific Packaging Company Limited—while Fijian Holdings Limited was the fourth company.

South Pacific Stock Exchange (SPX) Chief Executive Sheraj Obeyesekene reported that $65,033.56 worth of trades were executed before being canceled. “Cancelled trades do not have an impact on pricing, hence there has been no impact on the indices,” he stated. “There will be no financial impact on any investors involved as settlement did not take place. There was no ill-intent involved; it was a human error by one of the brokers.”

The trade, conducted on July 5, was annulled after a review confirmed the orders were mistakenly placed by the broker.

SPX Records Encouraging Trading Activity during First Half of 2024

The South Pacific Stock Exchange reported robust trading activity in the first six months of 2024, with trading value significantly surpassing the same period in 2023. More than $33 million worth of trade was recorded in the first half of 2024, compared to $3.4 million in 2023, noted Mr. Obeyesekere.

The SPX Total Return Index increased by 4.44 percent since the start of the year. “Market performance in June contributed to a strong end to the period, with a total of 289 transactions resulting in an aggregate volume of 4,370,649 shares and a trading value of $10 million, a remarkable improvement of 4504.14 percent compared to May 2024, driven largely by significant institutional investor activity,” the exchange reported.

Market capitalization grew by 3.25 percent in June, ending the month at $3.46 billion. Chairperson Nitin Gandhi expressed optimism about sustaining this momentum. “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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