(Reuters) - The New York Stock Exchange canceled trades in Anadarko Petroleum Corp (APC.N) after a blip in trading cut the market value of the company by 99 percent, according to a report in Bloomberg.
Trading in the shares of the $45.15 billion company plunged to trade at 1 cent per share shortly before markets closed on Friday. The stock gained back its losses and closed up 2.5 pct $90.03 on the New York Stock Exchange.
NYSE Euronext canceled trades executed at or below $87.56, the news agency said. (r.reuters.com/pyv28t)
The U.S. Securities and Exchange Commission had approved a program named “limit up-limit down” in June to reduce volatility of stock trades. The program would halt the trading of U.S.-listed stocks if they moved outside a recently traded price range.
However, the Houston-based company’s trades occurred after 1530 ET, when the program is not in effect, Bloomberg reported.
Both NYSE Euronext and Anadarko could not be immediately reached for comment outside regular U.S. business hours.
Reporting by Pallavi Ail in Bangalore; Editing by Eric Walsh