MTN loses over N20bn in a day as broad market closes flat

At the end of yesterday’s trading session, MTNN Plc share price depreciated by 0.49 per cent to close at N205 per share, taking the market capitalisation to N4.17 trillion.

The telecommunications company recorded decline in share prices which can be attributed to investors’ negative sentiment which triggered sell-offs dragging the company’s value down by 49 basis points.

Hence, sell-pressures in the shares of the company resulted in a loss of N20.35 billion in market capitalisation at the close of trading activities on Nigeria’s stock exchange.

The shares of the quoted company decreased from N206 per share at the start of the trading day to N205 per share, the lowest price traded at the close of the market, to represent a decline of 0.49 per cent which in monetary terms is N1.00.

The profit-taking witnessed in the shares of MTNN Plc negatively influenced the company’s market capitalisation from N4.19 trillion to N4.17 trillion at the end of the day’s trading activities, taking the loss to N20.35 billion.

The shares of the company have gained 4.06 per cent from year-to-date, starting the year at N197.00 and currently traded at N205.00.

The company’s shares are currently trading 2.33 per cent lower than their 52-week high at N209.90. However, the shares of the company have returned about 30.57 per cent gains for investors who bought them at their 52-week low trading price of N157.00 per share. During the day’s trading hours, 5,833,122 ordinary shares of MTNN Plc worth about N1.20 billion, were exchanged in 244 executed deals.

At the end of the yesterday’s trading activities, the NGX All-Share Index and market capitalization depreciated by 0.02 per cent from the previous trading day, to close at 47,428.67 index points and N25.56 trillion respectively.