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Johannesburg - Clientele [JSE:CLI] has 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 R14.98 this year, slid 99% 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% at R14 by 12.42 in Johannesburg. More than 59 000 shares have traded, about 86% of the three-month daily average.
“It was the result of a client entering a market order to sell, that is an order which has no price limit attached and will match with whatever bids there are in the order book,” said Peter Redman, part of the surveillance team at the Johannesburg Stock Exchange.
The 488 shares that matched at 21 cents was part of a final tranche of the market order and “the trade will stand,” Redman said, without identifying the trader.
Clientele offers life, funeral, legal and health-insurance products. It has a market value of R4.38bn. Barclays Africa analyst Larissa van Deventer rates the stock equalweight.
