…N1,000 plus stocks require 10,000 shares to change price
The Nigerian Exchange Limited (NGX) is adjusting its pricing methodology, reverting to the 2018 market microstructure rules that govern how equity prices move on the trading floor.
By dismantling the uniform 100,000-unit requirement implemented in recent years, the Exchange is reintroducing a graduated, three-tier volume framework.
Under this restored structure, stocks trading at N1,000 and above require 10,000 shares to change the price, stocks trading at N500 and less than N1,000 require 50,000 shares to change the price, while stocks priced less than N500 require a 100,000 shares to change the price.
This implies that the high-priced heavyweight equities will once again require significantly lower transaction volumes—just 10,000 units—to trigger a price movement, a strategic pivot aimed at improving price discovery and reviving liquidity across different stock classifications.
