Nigerian Exchange Limited Reclassified Okomu Oil From Medium Price to High Price Stock

The Nigerian Exchange Limited (NGX) has reclassified Okomu Oil Palm Plc from the Medium-Priced Stock Group to the High-Priced Stock Group according to the Exchange’s Pricing Methodology.

The Exchange disclosed in a statement released last week.

The statement reads, “Trading License Holders are hereby notified of the reclassification of Okomu Oil Palm Plc from the Medium-Priced Stock Group to the High-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 Okomu Oil Palm Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the Medium-Priced Stock Group to the High-Priced Stock Group. This reclassification also necessitates the attendant change in the tick size change from N0.05 kobo to N0.10 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Trading License Holders’ Rules).

“Okomu Oil Palm Plc stock price appreciated above the N100 price level on June 8, 2021 and traded above N100 up till close of business on October 22, 2021. This indicates that Okomu Oil Palm Plc stock price has traded above N100 in at least 4 months out of the last 6 months.

“Resultantly, Okomu Oil Palm Plc has been reclassified from the Medium-Priced Stock Group to the High-Priced Stock Group with effect from Wednesday November 3, 2021.”