MTN Nigeria Plc lost N143 billion in market value at the end of Tuesday’s trading session on the Nigerian Exchange, ranking among the day’s losers.
MTN Nigeria’s share price fell 3.26% to N208.00 per share, bringing the company’s market capitalization down to N4.233 trillion from N4.376 trillion the previous day.
Negative feelings
The drop in share prices can be attributed to investors’ pessimistic outlook as the 2023 general election approaches, even as speculators continue to shift funds to money market instruments for higher yields following the interest rate hike.
As a result of the sell-pressures, the Nigeria Exchange’s market capitalization fell by N143 billion at the close of trading.
In case you missed it, here’s a reminder
Following MTN Nigeria’s loss, the domestic bourse was driven by negative sentiment, with the NGX All-Share Index closing 0.09% lower at 48,853.54 points.
Positive investor interest in BUA Cement Plc (+3.60%), Zenith Bank Plc (+2.45%), and Lafarge Africa Plc (+0.23%) was outweighed by MTNN’s (-3.26%) loss. As a result, the YTD return fell to 14.37%, while the market capitalization dropped N24.80 billion to close at N26.61 trillion.
Further analysis of the day’s trading activities showed market turnover closed higher relative to the previous session, with the value of transactions up by 53.94%. A total of 162.98 million units of shares valued at N3.87 billion were exchanged in 3,286 deals.
