Vitafoam Nigeria Plc (NSE ticker – VITAFOAM) has been reclassified from Low Price Stock Group to Medium Price Stock Group in line with The Nigerian Stock Exchange’s (NSE) Pricing Methodology framework.
The reclassification which took effect from Monday 14 September is as a result of the stock trading above N5.00 in the last six months.
Vitafoam Nigeria Plc stock price appreciated above the N5 price level on 4 May 2020 and traded above N5.00 up till the closing of business on 7th September 2020.
This reclassification also necessitates the change in the tick size change from N0.01 kobo to N0.05 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules).
On Friday, VITAFOAM closed at N5.69 per share, however, this closing price has been moderated to N5.70 in line with the reclassification.
Equity securities of quoted companies on 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’s specified price band to be classified into the category.
Written by;
Ifunanya Ikueze
