MTN Nigeria Plc recorded a loss of N102 billion in market value at the end of Thursday’s trading to rank among the losers of the day.
MTN Nigeria’s share price depreciated by 2.27% to close at N215.00 per share, taking the market capitalization to N4.367 trillion from the N4.477 trillion it closed the previous day.
The decline in share prices which was recorded by the brewer can be attributed to investors’ negative sentiment which triggered sell-offs plunging the company’s value down as build-up to the 2023 election and interest rate hike continued to impact negatively on the market.
Hence, the sell-pressures in the shares of the company resulted in a loss of N102 billion in market capitalization at the close of trading activities on the Nigeria Exchange.
Following MTN Nigeria’s loss, the Nigerian Exchange Limited (NGX) ended its four-day winning streak as the benchmark index shed 0.13% to close at 48,365.14 points.
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Selloffs in telco giant, MTN Nigeria, and other blue chip firms help drive down the market activities. MTN Nigeria dropped by -2.27% while GTCO shed -0.48%, and Lafarge Africa decreased by-0.46%.
Consequently, the year-to-date (YTD) return fell to 13.22%, while market capitalization lost N33.42 billion to close at N26.34 trillion.
Further analysis of the day’s trading activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 11.20%.
A total of 148.16 million units of shares valued at N2.98 billion were exchanged in 3,391 deals. led the volume chart with 26.36 million units traded, while MTNN led the value chart in deals worth N1.19 billion.
(Nairametrics)
