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By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) has announced the reclassification of Fidelity Bank Plc from Small price stock to Medium price stock.
According to a statement from the NGX, this is in line with Rule 15.29 of the Rulebook of Exchange, 2015 (Dealing Members’ Rules) which notes that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are Classified as Medium price stock.
The statement said, “Fidelity Bank Plc traded above the N5.00 mark on 20 February 2023 and has remained above the N5 mark up until close of business on 30 June 2023. This indicates that FIDELITYBK has been trading above N5 for at least four (4) months in the last six (6) months. Therefore, it should be reclassified from Small price stock to Medium price stock”.
