Nigerian Exchange reclassifies Skyway Aviation from low to medium price
Nigerian Exchange Limited (NGX) has reclassified Skyway Aviation Handling Company Plc from Low Price Stock Group to Medium Price Stock Group.
According to a statement from the NGX to notify trading license holders, the reclassification of Skyway Aviation Handling Company was in line with the NGX’s pricing methodology framework.
The NGX explained that accordingly, a review of Skyway Aviation Handling Company 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).
“Skyway Aviation Handling Company Plc stock price appreciated above the N5 price level on January 4, 2022, and traded above N5 up till close of business on May 25, 2022.
“This indicates that Skyway Aviation Handling Company Plc stock price has traded above N5 in at least four months out of the last six months. Resultantly, Skyway Aviation Handling Company Plc has been reclassified from the Low-Priced Stock Group to the Medium-Priced Stock Group with effect from Tuesday, June 14, 2022,” the Exchange noted.
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.
