MTN Nigeria has a dose last week of the massive sell-offs currently being experienced on the Nigerian equities market forcing its shares to crash by N120.009billion during five- day trading sessions on the Nigerian Stock Exchange (NSE).
The market witnessed a total sell-off of 1.930 billion shares worth N20.656 billion in 24,687 deals.
The telco opened trading at N179.90 per share on Monday, February 22nd to close the week on Friday, February 26th at N174 per share, as it’s market capitalisation fell by 3.28 per cent to N3.541 trillion from N3.661 trillion it began trading on Monday.
Similarly, Friday trading also saw MTN emerging as the biggest decliners, shedding 3.28 per cent, when its stock dropped from N179 per share to N174 per share.
A review of the activities of the market shows that the All Share Index (ASI) the market benchmark contracted to 39,799.89 basis point, while the equities capitalisation eased to N20.823 trillion, a 0.74 per cent drop in both indexes. In effect, the market
lost N155 billion on Friday as investors trade-off their stocks.
A sector by sector analysis revealed that the insurance sector was the biggest losers, falling by 2.32 per cent to close at 202.09 index point.
The Banking index closed at 382.76 points, a 0.48 per cent drop, while the Consumer goods sector ended Friday’s trading session at 863.85 points, losing 0.40 per cent. The Industrial goods sector fell by 0.19 per cent to close at 1898.20 index point.
However, the Oil and Gas sector reported a positive as its index closed at 265.39 points, recording a 0.25 per cent gain.