Ayo share’s first move in a week is a plunge of 30%
The embattled company is under scrutiny amid allegations of financial manipulation
Iqbal Survé-linked Ayo Technology Solutions' share price slumped 29.45% on Tuesday morning, the first move in its price for more than a week, as the company continues to face scrutiny over alleged financial manipulation. There had been no news flow regarding Ayo, said independent analyst at Small Talk Daily Research Anthony Clark. The move probably reflected that Ayo Technology was not faring so well in an ongoing inquiry into the affairs of the Public Investment Corporation (PIC), he said. Rob Pietropaolo, equity trader at Unum Capital said there’s very little participation in the stock. “I don’t think anyone wants to touch it...at all.” Pietropaolo said Ayo’s share price had fallen as low as R6 in the past and he does not see anything at the moment that will keep it from going back there. It is likely that the volatility reflected the scepticism in the market towards the share, given that it is also been asked by the JSE for an external audit opinion for its 2018 interim resul...
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