The Nigerian Exchange Limited (NGX) has made an important announcement regarding the reclassification of Fidelity Bank Plc from Small price stock to Medium price stock.
This decision comes in accordance with Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which outlines the criteria for classifying stocks based on their pricing.
As per the rule, 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.
NGX disclosed that Fidelity Bank Plc met the criteria for reclassification, as it consistently traded above the N5.00 mark starting from 20th February 2023 until the close of business on 30th June 2023.
This means that FIDELITYBK has maintained a trading price above N5 for a minimum of four (4) months within the last six (6) months, warranting its reclassification from Small price stock to Medium price stock.
