Sell at Any Price Order Triggers Share Rout for African Insurer
- Clientele dropped 99% when 488 shares sold for 21 cents
- Trade will stand after market order to sell was entered
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Clientele Ltd., a South African insurance holding company, plunged the most on record to an all-time low after someone entered an order to sell the stock at any price.
The shares, which have averaged 14.98 rand this year, slid 99 percent to 21 cents on Wednesday, with 488 securities changing hands at that price, according to data compiled by Bloomberg. The insurer was down 2.4 percent at 14 rand by 12.42 p.m. in Johannesburg. More than 59,000 shares have traded, about 86 percent of the three-month daily average.