Dipo Olowookere
By Dipo Olowookere
The stock prices of three companies listed on the Nigerian Exchange (NGX) Limited have been adjusted, Business Post reports.
The affected publicly quoted organisations are Fidelity Bank, Sterling Bank, Total Nigeria.
Their prices were changed on Monday, April 19, 2021, to reflect the deduction of the dividends recommended for payment to their respective boards after the qualification dates.
Recall that recently, the board of Fidelity Bank proposed the payment of 22 kobo as a final dividend for the financial year ended December 31, 2020.
Also, the board of Sterling Bank announced that it would be rewarding its shareholders with a cash payment of 5 kobo for the same period, while Total Nigeria said it would pay a dividend of N6.08.
Investors interested in collecting dividends of these companies had till last week to acquire the stocks and this morning, the exchange changed their prices.
This morning, the NGX reduced the opening price of Fidelity Bank to N2.18 instead of N2.40 it closed last Friday and the reason was because of the deduction of the 22 kobo dividend from the last price it ended at the market.
A similar situation occurred to the share price of Sterling Bank, which opened today at N1.43 instead of N1.48 it settled last Friday just as the value of Total Nigeria started today’s trading session at N135.92 and not N142.00 it ended last Friday. For Total Nigeria, in conformity with the price step methodology of the exchange, its equity price was rounded down by the system to N135.90.
