JSE closes probe into Iqbal Survé-linked AYO's share price, finds 'no irregularities'

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The JSE's Market Regulation Division has found no irregularities in its probe of a sudden increase in the share price of IT group AYO Technology Solutions.

The local bourse started investigating AYO's share price on Monday last week after it rocketed by 400% in early trade, with its shares jumping from R6 a share to R30 a share.

AYO forms part of businessman Iqbal Survé's Sekunjalo Group of companies.

The JSE noted that the IT company's share price remained at high levels on low trading volumes until Thursday, after which it fell to just over R7 a share.

Shares were changing hands at R7.26 on Tuesday at 11:30. 

"The Market Regulation Division found no evidence of any irregularities giving rise to the temporary increase in the AYO share price and, therefore, there was no reason for the JSE to take any further action,' Sean Davies, the JSE's director of market regulation, said in a statement. 

AYO, in a statement last week, had said it was not aware of any specific trades being made by significant shareholders that could "influence the sudden upswing in the share price", adding that the sudden increase could be "malicious or mischievous at best."

On Tuesday AYO's CEO, Howard Plaatjes, said the group was "very pleased with the swift action taken by the JSE's Market Regulation Division and naturally, by the outcome verifying that the JSE found no evidence of any irregularities and have no need to take any further action". 

*Update: This article has been updated to include comment from AYO. 

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