The New York Stock Exchange cancelled trades in Anadarko Petroleum Corp 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 cancelled trades executed at or below $87.56, the news agency said. The US 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 US-listed stocks if they moved outside a recently traded price range. However, the Houston-based company's trades occurred after 1530 ET, when the programme is not in effect, Bloomberg reported. Both NYSE Euronext and Anadarko could not be immediately reached for comment outside regular US business hours.
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