Sustained sell pressure witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange has resulted in shareholders of MTN Nigeria Plc losing about N417 billion in a day of trading.
Checks by Nairametrics showed that the telecom stock dropped by 9.62% to N192.50 per share from N213 the previous day.
Further analysis showed MTN Nigerian closed the day at N192.50 per share and N3.918 trillion in market capitalisation on the Nigerian Stock Exchange (NGX) as against N213 per share and N4.335 trillion in market capitalisation the previous day, hence earning a loss of N417 billion or 9.62%.
Consequently, the stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings for the sixth consecutive day.
The All-share Index (ASI) depreciated by 1.86% to close at 50,442. 37 index points as against 51,400.53 index point the previous day. In the same vein, the overall market Capitalization declined by N517 billion or 1.86% to close at N27.201 trillion as against N27.718 trillion the previous day.
Market breadth closed negative with 37 losers against only three gainers as Tranex Plc led the losers with 10% while Livestock Feeds Plc led the few gainers with 1.63%.
Market Indices
- NGX ASI: 50,442.37 points
- Previous ASI: 51,400.53 points
- % Day Change: 1.86%
- % Y-t-D: 18.1%
- Market Cap (N): 27.201 trillion
- Volume: 156.167
- Value (N): 2.936 billion
- Deals: 4,618
NGX Top ASI gainers
- Livestock Feeds up +1.63% to close at N1.25
- FBNH up +1,36% to close at N11.15
- Sterling Bank +1.32% to close at N1.53
NGX Top ASI losers
- Tranex down – 10% to close at N0.63
- Interbrew down – 9.91% to close at N5.00
- PZ down – 9.62% to close at N9.40
- MTNN down – 9.62% to close at N192.50
- Berger down – 9.49% to close at N6.20
Top 3 by Volume
- Flour Mills – 19,317,833
- Transcorp – 15,400,158
- GTCO – 12,685.073
Top 3 by Value
- Flour Mills – N618,049,561
- MTNN-576,540,976
- Airtel- N336,779,636
I think you should do more to inform us on why the drop. This goes beyond demand and supply. What triggered the high supply. What is the outlook for MTN. What is the last revenue growth l, profit forecast etc
If you understand the stock market, it’s never a one-way movement. Prices goes up and down, and it’s normal.
MTNN stock is facing retracement, a bit of profit taking. You may want to refer to 52wks high low to be sure you’re trading within normal range.
Goodluck, meanwhile now is always the good time to buy more for me.