Why does NTB.X trade higher than NTB.N

Typically shares without voting rights (X) trade at a discount to shares with voting rights (N) - this does make sense. However, NTB seems to be an exception to this where for almost 2 years the X shares are trading higher than N. Anyone knows why this is the case?

Price as at 20-Feb-2026

NTB.N - 345.25

NTB.X - 425.00

Posted Feb 20, 2026, 4:25 PM UTC

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