Dipo Olowookere
By Dipo Olowookere
The equity price of Nigerian Breweries Plc has been changed on the floor of the Nigerian Stock Exchange (NSE).
Business Post reports that the alteration to the price of the brewery giant was done by the exchange on Thursday, March 11, 2021.
The price of the company’s stock was modified by deducting 69 kobo from the previous day’s closing price of N50.
This adjustment was done to reflect the dividend recommended for payment to shareholders of the organisation by its board of directors.
The qualification date for the cash reward was Wednesday, March 10, 2021, which necessitated the action of the stock exchange today.
“The equity price of Nigerian Breweries Plc was adjusted today, March 11, 2021, for a dividend of N0.69 as recommended by the company’s board of directors.
“The last close price was N50, while the ex-div price is N49.31. The price was rounded down by the system to N49.30 in conformity with the price step methodology,” a disclosure from the NSE and sighted by Business Post stated.
When dividends are declared by companies, the amount is deducted from the share price of the firm. It is usually removed a day after the qualification date. In fact, it is done before trading activities commence the next day.
In some cases, the stock gains the deducted dividend almost after the price is adjusted.
When trading activities closed for the day, the share price of Nigerian Breweries remained flat at N49.30 per unit today.
