The Nigerian Stock Exchange (NSE), on Thursday, downgraded Oando Plc to low priced stock.
The exchange said that Oando had been reclassified to low priced stock from medium priced stock, effective from September 5.
“This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules),” the NSE said in a statement by Mr Jospeh Kadiri, Media Relations Officer, Corporate Communications.
It said Oando dropped below the N5 mark on April 30, 2019, and traded below N5 up till 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 N0.01k,” it said.