NGX Reclassifies United Capital Plc from Low Price Stock Group to Medium Price Stock Group

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Sunday, August 29, 2021   /07:05 AM / by NGX/ Header Image Credit: United Capital Plc

 

NGX notified of the reclassification of United Capital Plc from the Low-Priced Stock Group to the Medium-Priced 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 United Capital 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).

 

United Capital Plc stock price appreciated above the N5 price level on March 19, 2021 and traded above N5 up till close of business on July 30, 2021. This indicates that United Capital Plc stock price has traded above N5 in at least 4 months out of the last 6 months. Resultantly, United Capital Plc has been reclassified from the Low-Priced Stock Group to the Medium-Priced Stock Group with effect from August 24, 2021. 

 

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