The Nigerian Stock Exchange, NSE, has announced the reclassification of E-Tranzact International Plc (ETranzact) from Medium Priced Stock to Low Priced Stock further to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules).
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 of shares or above. These Low Priced Stocks are securities that have traded below N5 per share in four out of the last six months period.
ETranzact dropped below the N5 mark on 15 February 2018 and traded below N5 up till close of business on 31 August 2018. Thus ETranzact has traded below N5 over the last 6 months and therefore will be reclassified from Medium Priced Stock to low priced stock effective September 12, 2018.