National Wire About Nigerians, Nigerian Business and Other Stories
The Nigerian Stock Exchange (NSE) has downgraded Guinness Nigeria Plc from its special pricing status category following the depreciation in its share price. The “high-priced stocks”, according to the NSE categorisation, are stocks with share prices of N100 and above and regular and pre-determined level of activities.
In 2012, the NSE had, alongside the introduction of market-making, introduced a pilot programme where stockbrokers could move prices of “high priced stocks” with 10,000 shares as against the general operating rule of 50,000 shares for the movement of share prices of other stocks.
Market sources confirmed to The Nation that the NSE has formally notified the market of the change in status of Guinness Nigeria. The Nation had earlier reported that four companies including Forte Oil, Lafarge Africa, Guinness Nigeria and Seven-Up Bottling Company were under watch-list for demotion.
With the reclassification of Guinness Nigeria from the “high-priced stocks” list, stockbrokers will only be able to move the share price of the company with 50,000 shares. The reclassification took effect on Monday April 3, 2017.
