The Management of the Nigerian Stock Exchange earlier today reduced the share price of United Bank for Africa by 20 kobo. The reason for this adjustment is the 20kobo interim dividend that the board of the bank declared for the half year ended June 30, 2016, Independent Nigeria reports.
The adjustment is however coming 48 hours behind the scheduled date of September 12, 2016 due to the public holidays that was declared by the Federal Government for Monday and Tuesday. Thus the adjustment could only be effected on Wednesday, which is the next trading date.
Given that the last closing price was N4.51 per share, the 20 kobo adjustment reduced the share price to N4.31.
Parts of this article originally appeared in Independent Nigeria.