MTN Nigeria Sheds N420bn as Investors Take Profit
Telecom company MTN Nigeria Plc dipped by about N420 billion as investors took profit following the earnings and dividends announcement last week.
Share price declined to N760, according to trading data obtained from Nigerian Exchange, pulling down from N780, its highest in 52 weeks.
The sell action was noted to be quick and perhaps one-off, given that the latest earnings and dividend information have not been fully priced in the stock.
The telecom stock surpassed N16 trillion in market capitalisation due to increased positioning, which later fizzled out, aligning with stock market performance last week.
The largest company by market capitalisation in Nigeria lost 2.6%, or N420 billion, in a single trading session last week. The selloffs happened amidst regulatory warnings of unusual price swings in the market.
Market value of the telecom company’s 20.995 billion outstanding shares reduced to N15.956 trillion, tracking its 52-week high in the local bourse. Stanbic IBTC Falls by 5.4% after AFS Delay Hint
