MTN Nigeria Falls below N5trn in Fresh Sell Pressure
Telecom operator MTN Nigeria Plc has dropped down below N5 trillion market capitalisation as sell-side actors reduce their interest in telecom stocks on Friday. The company share price fell by 4.08% to settle at N235 in the stock market ahead of its annual general meeting with its shareholders.
The negative price movement pulled down MTN Nigeria’s market value to N4.933 trillion, more than 11% below its highest value in 52 weeks. Trading records from the Nigerian Exchange showed the telecommunication company’s price slipped as more than 5.985 million units valued at N1.379 billion exchanged hands in the local bourse on Friday.
The majority of the transactions were driven by sell-side actors exiting positions before the shareholders meeting scheduled for April 30. Stockbrokers said N169 per share is the lowest price MTN Nigeria has seen over the last 12 months in the equities market.
In the 2024 financial year, MTN Nigeria posted a pre-tax loss of N550.33 billion, a sharp rise from the N177.89 billion loss recorded in 2023.
Despite receiving a N149 billion tax credit, the company’s net loss grew by 192.24%, increasing from N137.02 billion in 2023 to N400.44 billion in 2024. This was largely driven by the devaluation of the naira, which resulted in higher foreign exchange losses. #MTN Nigeria Falls below N5trn in Fresh Sell Pressure Zenith Bank Crosses N2trn Ahead of Annual Meeting, Dividend Payment
