Forte Oil joins ‘high priced stocks’

The Nigerian Stock Exchange (NSE) concluded its review of the prices of stocks, as part of its plans to improve liquidity and deepen the market, with the announcement of Forte Oil plc as new security that will be joining the league of High Priced Stocks.

In a statement from Ade Ewuosho, the NSE, head, market operations of the NSE, confirmed that “way back, to move the price of any stock upwards or downwards, the brokers needed to have a volume of 50,000 shares and above.

However in September 2012, the NSE introduced a pilot programme for its new market structure with the rollout of market making, where stockbrokers could move prices of some high priced stocks with 10,000 shares. These High Priced Stocks are securities that have traded an average of N100 or more per share in four out of the last six months period”.
Justifying the incluSeplat

Petroleum Development Company plc has assured its shareholders of improved returns-on-investment (RoI), adding that as a company, it will continue to maintain leadership position in the indigenous Exploration and Production (E&P) industry in Nigeria.
sion of Forte Oil plc in the High Priced Stocks, Abimbola Babalola, head of market surveillance, NSE said in the statement that a review of trading activities of the company in the last six months shows that the company met the criteria set by the Exchange.

“It can be recalled that the Exchange commenced the pilot programme with nine stocks –Dangote Cement, Guinness plc, Nestle plc, Nigerian Breweries, SIM Capital Fund, Skye Shelter Fund, Nigerian Energy Sector Fund (NESF) and Total plc. The Programme became permanent in 2013 and the nine initial pilot stocks remained,” said Babalola.

“In April 2014, Lafarge Cement WAPCO Nigeria plc became the 10th stock on the programme with Seplat Petroleum Development CompanyPlc also coming on board in the same month as the 11th stock, based on it being a new security listing that was priced above N100 at the time of listing on The Exchange.