The Nigerian Stock Exchange (NSE) announced that its has reclassified Oando Plc from Medium Priced Stock to Low Priced Stock effective Thursday.
It explained that this is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules).
Oando dropped below the N5 mark on April 30, 2019, and traded below N5 up till close of business on 30 August 2019.
Oando has been in the eyes of the storm for some time over infractions, which caused the exchange to suspend it last year, before it was later lifted.
Low Priced Stocks are securities that have traded below N5 per share in four out of the last six months period. For upward or downward movements in price to occur on any Low Priced Stock that is priced at below N5 and listed on The NSE, stockbrokers are required to trade a minimum volume of 100,000 units and tick size of N0.01kobo.