The Nigerian Exchange Limited, on Friday announced that it has upgraded Fidelity Bank Plc from Small to Medium price stock.
This, it said in a statement is in line with Rule 15.29 of its Rulebook 2015 (Dealing Members’ Rules) which notes that equities priced above N5 per share for at least four of the most recent six months of trading, or a new security listings priced above N5 per share at the time of listing on NGX is Classified as Medium price stock.
According to NGX, Fidelity Bank Plc traded above the N5.00 mark on 20 February 2023 and has remained above the N5 mark until close of business on 30 June 2023, indicating that it has been trading above N5 for at least four months in the last six months. \
Therefore, Fidelity Bank, it continued, “should be reclassified from Small price stock to Medium price stock.”