The Nigerian Exchange Limited (NGX) has notified investing public of the reclassification of B.O.C Gases Plc from the low-priced stock group to the medium-priced stock group, in line with its pricing methodology framework.
According to the Exchange, “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 B.O.C Gases Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the Low-Priced Stock Group to the Medium-Priced Stock Group.
“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Trading License Holders’ Rules).”
B.O.C Gases Plc stock price appreciated above the N5 price level on 16th November 2020 and traded above N5 up till close of business on 17th March 2021.
“This indicates that B.O.C Gases Plc stock price has traded above N5 in at least 4 months out of the last 6 months.
“Resultantly, B.O.C Gases Plc has been reclassified from the Low-Priced Stock Group to the Medium-Priced Stock Group with effect from 16th June 2021,” the Exchange explained in a statement.