By Dipo Olowookere
The price of the shares of Northern Nigerian Flour Mills Plc has been adjusted by the Nigerian Stock Exchange (NSE).
The equity price adjustment was carried out by the exchange on Tuesday, a day after the qualification date for the dividend proposed by the board.
The directors of the company had recently recommended the payment of a cash reward of 15 kobo to shareholders of the organisation and the qualification was fixed for Monday, August 24, 2020.
At the close of transactions yesterday at the Customs Street, Lagos, shares of NNFM closed at N4.25 per unit.
But at the opening of business today, the NSE adjusted the price of the company’s shares at the exchange to reflect the deducted 15 kobo dividend to be paid by the company at the payment date.
Notifying the market of the development, the NSE sent a circular to stockbrokers, saying, “The equity price of Northern Nigeria Flour Mills Plc was adjusted today, August 25, 2020, for a dividend of N0.15k as recommended by the company’s board of directors.”
The NSE further said in view of this, “The last close price was N4.25, while the ex-div price is N4.10.”
As at the time of filing this report, Business Post observed that the share price of NNFM has risen to N4.50 per unit, adding 40 kobo to its value.
