MTN Nigeria Slides amidst Substantial Cross Deals
MTN Nigeria pulled back from its fresh 52-week high in the equities market due to sell-side activities that reduced the telecommunication company’s market value by more than 2%.
Data from the Nigerian Exchange (NGX) showed that MTN Nigeria’s share price declined to N279 as a strong volume of the telecom company’s units, totaling 16.096 million, were traded in the local bourse.
Ticker: MTNN, which fell 2.07%, was the biggest drag on the All-Share Index (ASI), despite strong crossing activity, according to AIICO Capital Limited. The telecom shares totaling 10 million units were priced at ₦270.00 in a cross deal outside the Nigerian Exchange trading platform.
An additional 3.8 million units were priced at ₦279 in an off-market transaction. At the close of the trading session, MTN Nigeria’s 20.995 billion outstanding shares were valued at N5.857 trillion in the equities market. The telecom stock has continued to attract investors; the group returned to profitability in the first quarter of 2025.
The company is projected to grow earnings in the first half of 2025, though shareholders’ funds remain under pressure. A review of its regulatory filing showed MTN Nigeria has not disclosed a plan to raise capital to boost shareholders. Otudeko: Court Adjourns to Allow for Continuation of Settlement Talk
