MTN Nigeria Slides amidst Huge Cross Deal
Telecommunication company MTN Nigeria Plc saw its market value decline slightly in the equities market following a huge cross deal on the telecom stock on Tuesday. The deal allows stockbrokers to match a buy and sell orders of the same stock outside the purview of market regulators.
According to data from the Nigerian Exchange, the telecom market value fell slightly to N5.1 trillion after a 16 basis point decline in its share price. More than 11.3 million shares of the telecom company valued at N2.738 billion exchanged hands on the local bourse, according to data obtained from the Nigerian Exchange.
Stockbrokers said there was a crossed deal where 8.5 million shares of MTN Nigeria were priced at N243. The cross deal allows investors to close deals outside the Nigerian Exchange trading platform to stem price fluctuation. The matching order reduced MTN price volatility ahead of the Q1 earnings release.
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