The Nigerian Stock Exchange has upgraded BOC Gases from low-priced stock to medium-priced stock due to recent appreciation in the share price of the industrial gas firm.
The Exchange stated that the reclassification, which took effect from June 16, 2021,was after a review of share price of BOC Gases over the most recent six months.
According to the NGX, the review of BOC Gases’ price trade activity over the most recent six month period provided the basis for reclassifying the security from the low priced stock group to the medium priced stock group.
The reclassification also necessitated the attendant change in the tick size change from one kobo to five kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the Exchange, 2015.
“BOC Gases stock price appreciated above the N5 price level on 16th November 2020 and traded above N5 up till close of business on 17th March 2021. This indicates that BOC Gases Plc stock price has traded above N5 in at least four months out of the last six months,” NGX stated.
