The Nigerian Exchange (NGX) has notified the investing public of the reclassification of Conoil Plc from the Medium Price Stock Group to High Price Stock Group, in line with The NGX’s Pricing Methodology framework.
Equity securities of Quoted Companies on The Exchange (NGX) are classified into three Stock Price Groups or Categories: High-Priced, Medium Priced, and Low-Priced Stocks, based on their market price.
In this regard, securities must have traded for at least four out of the most recent six-month period within a Stock Price Group’s specified price band to be classified into the category.
Accordingly, a review of Conoil Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the Medium-Price Stock Group to High-Price Stock Group.
This reclassification also necessitates the attendant change in the tick size change from N0.05 kobo to N0.10 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Trading License Holders’ Rules).
The share price of Conoil is currently N387.2