Our Stocks Are Upgraded By the NSE, Due To Recent Company Activities

The Nigerian Stock Exchange (NSE) has upgraded Africa Prudential (AFRIPRUD) Plc from low-priced stock to medium-priced stock following recent appreciation in the share price of the share registration and investors’ relations company.

The Exchange indicated that the reclassification, which took effect from February 15, 2021, was after a review of share price of AFRIPRUD over the most recent six months.

According to the NSE, the review of Africa Prudential’s price trade activity over the most recent six-month period provided the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group. The reclassification also necessitated the attendant change in the tick size change from one kobo to five kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the Exchange, 2015.

“Africa Prudential Plc stock price appreciated above the N5 price level on 5th October 2020 and traded above N5 up till close of business on 8th February 2021. This indicates that Africa Prudential Plc stock price has traded above N5 in the last 6 months. Resultantly, Africa Prudential Plc will be reclassified from the Low Priced Stock Group to the Medium Priced Stock Group with effect from 15th February 2021,” NSE stated.

The NSE classifies quoted companies into three categories-high-priced, medium-priced, and low-priced stocks, based on their market price. A company 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.

The high-priced stocks consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months or new security listings that are priced at N100 or above at the time of listing on the Exchange.

The medium-priced stocks consist of medium-priced equities that are priced at N5 per share or above but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

The low-priced stocks, where majority of listed companies fall, consist of equities that are priced at one kobo per share or above but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the Exchange

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