The Nigerian Stock Exchange on Thursday announced the
reclassification of Oando Plc from Medium-Priced Stock to
Low-Priced Stock.
A statement by the Exchange said the reclassification became
effective Thursday.
This is in compliance to Rule 15.29: Pricing Methodology,
Rulebook of The Exchange, 2015 (Dealing Members’ Rules), the NSE
said.
Oando shares dropped below the N5 mark on April 30 and traded
below N5 up till the close of business on August 30.
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.
According to the NSE Rulebook, for purposes of calculating price
movements and price limits, equity securities traded on the
Exchange are classified as groups A and B.
Group A, the rule says, shall consist of equities with a Primary
Market Maker that are not classified in Group B.
Similarly, Group B shall consist of equities with a Primary
Market Maker that are priced above N100.00 per share for at least
four (4) of the last six (6) months, or new security listings that
are priced above One Hundred Naira (N100) at the time of listing on
The Exchange.
In recent times, Oando shares have underperformed in the NSE
index, amid rows with regulatory agencies.
In May, SEC ordered Oando’s Group Chief Executive Officer, Wale
Tinubu, and other affected board members to resign.
In June, the Securities and Exchange Commission (SEC) directed
Oando Plc to suspend its scheduled Annual General Meeting. Later in
the same month, some officials of the Nigerian Police stormed the
company’s office in Lagos and barred staff from gaining access.
But the company in its reaction alleged infractions, adding that
the penalties were unsubstantiated and calculated to prejudice the
business of the company.
The company is yet to respond to the latest move by the NSE
Thursday afternoon.
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