NGX reclassifies Fidelity Bank as medium price stock

NGX new rules require dealers to seek approval for block divestment worth N800m

Nigerian Exchange Limited (NGX) has reclassified Fidelity Bank Plc from small price stock to medium price stock.

Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) notes that 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.

According to NGX, Fidelity Bank Plc traded above the N5 mark on February 20, 2023 and has remained above the N5 mark up until close of business on June 30, 2023.

“This indicates that Fidelity Bank has been trading above N5 for at least four (4) months in the last six (6) months. Therefore, it should be reclassified from Small price stock to Medium price stock,” the NGX said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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