MTNN Slides as Stockbroker Matched 10m Buy, Sell Order
MTN Nigeria Plc.’s market value declined slightly in the equities market amidst unusual trade volume driven by block deals in the telecommunication company’s shares.
According to data obtained from the Nigerian Exchange trading platform, MTN Nigeria’s share price fell to N270 as 20.219 million units valued at N5.589 billion were traded on Wednesday.
NGX records revealed that MTN Nigeria topped the chart in terms of total value in the equities market as stockbrokers crossed 10 million units at a price of N279 between buyer and seller.
The block trade in MTN Nigeria shares continues to reduce the telecom stock volatility.
Crossing, a practice where a broker executes matched buy and sell orders for the same stock between different client accounts without recording the trade on the exchange, has become a pattern in some heavyweight listed stocks.
MarketForces Africa findings revealed that the practice is allowed by the Nigerian Exchange. At the close of the trading session, MTN Nigeria market value dropped by 36 basis points to close at N5.836 trillion. #MTNN Slides as Stockbroker Matched 10m Buy, Sell Order#
