Selloffs Scratch MTN Nigeria Market Value in Equities Market
Market value of MTN Nigeria Plc declined in the stock market due to selloffs. Investors rotated away from telecom stock plagued the telecom company market value.
Data from the Nigerian Exchange showed that MTN Nigeria has become relatively cheap at N180, a 10% decline week on week. The stock fell twice in five trading session due to sell side activities.
The telecom share price was opened at N199.90, and it has been stable at the price line over the last seven trading sessions.
At the current price, investors now valued MTN Nigeria’s 20.995 billion shares outstanding at N3.779 trillion in the Nigerian equities market.
The telecom company rebounded recently after it renegotiated deals with IHS and ATS with expectation to reduce exposure to foreign currency priced deals.
MTN Nigeria reported a solid double-digit revenue growth of 33% year on year to N1.54 trillion in in the first half of the year from N474.1 billion in the comparable period, despite macro headwinds and continued Naira depreciation.
However, its net income dipped 506% year on year to a loss of N519.06 billion from N85.6 billion loss in the same period last year.
This was due to the effect of the foreign revaluation in which the company reported a 95% increase in total foreign exchange loss of N887.7 billion. #Selloffs Scratch MTN Nigeria Market Value in Equities Market
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