Reclassification of Northern Nigeria Flour Mills Plc (NNFM) from Medium Price Stock Group to Low Price Stock Group
Dealing members are hereby notified of the reclassification of Northern Nigeria Flour Mills Plc (NNFM) from the Medium Priced Stock Group to the Low Priced Stock Group, in line with The NSE? Pricing Methodology framework.
Equity securities of Quoted Companies on The Nigerian Stock Exchange (NSE) are classified into three Stock Price Groups or Categories - High Priced, Medium Priced, and Low Priced Stocks - based on their market price. In this regard, securities must have traded for at least four out of the most recent six month period within a Stock Price Group? specified price band to be classified into the category. Accordingly, the review of Northern Nigeria Flour Mills Plc stock price trade activity over the most recent six month period provides the basis for reclassifying the security from the Medium Priced Stock Group to the Low Priced Stock Group. This reclassification also necessitates the attendant change in the minimum volume required to change the security? published price from 50,000 units to 100,000 units, as well as a tick size change from N0.05kobo to N0.01kobo - in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members?Rules).
Northern Nigeria Flour Mills stock price dropped below the N5 price level on 7 December 2018 and traded below N5 up till close of business on 26 June 2019. This indicates that Northern Nigeria Flour Mills Plc stock price has traded below N5 in the last 6 months. Resultantly, Northern Nigeria Flour Mills has been reclassified from the Medium Priced Stock Group to the Low Priced Stock Group with effect from 4 July, 2019.?