MTNN Closed Flat as Investors Bypass NGX in Huge Cross Trade Deal
Telecom Company, MTN Nigeria Plc, market value steadied in the equities after the telecom company recorded huge trading shares volume in a cross trade deal between investors, bypassing the Nigerian Exchange.
Ticker: MTNN closed at N245 as 10.96 million shares valued at more than N2.687 billion were traded in the local bourse today. Hence, the telecom company market value settled at N5.153 trillion in the Nigerian Exchange on Wednesday after falling by 4% in the previous day.
Its market price was unchanged because stockbrokers facilitated cross trades between equities investors, matching buy and sell orders of 9 million unit cross trade at N245. The telecom stock emerged as the most traded stock in value terms, accounting for 26.34% of the total value of all transactions conducted on the exchange.
Experts explained that a stock cross trade occurs when a broker facilitates a trade between two client accounts for the same stock, bypassing the public exchange. #MTNN Flat as Investors Bypass NGX in Huge Cross Trade Deal GTCO Launches Waste-for-Gas Initiative in Ogun, Distributes 3,000 Gas Cylinders
