MTN Nigeria Suffers First Loss at Stock Market

By Dipo Olowookere

For the first time after its listing on the Nigerian Stock Exchange (NSE) on Thursday, May 16, 2019, shares of MTN Nigeria depreciated by 6.04 percent or N9 on Friday, May 24, 2019.

Since its much-awaited listing on the nation’s stock exchange, the telco stock had been on a bull run, pushing the market into the green territory for seven straight sessions.

The company closed as the heaviest price loser last Friday at the stock market, settling at N140 per share as against N149 it traded the previous day.

Business Post reports that the volume of the shares sold during the day also significantly went down to 7.7 million units compared with the 34.2 million units transacted a day earlier.

MTN Nigeria listed its shares on the local bourse via introduction and was at N90 at its first trading day.

The company was admitted to the premium board of the exchange and was the second most capitalised firm on the NSE after Dangote Cement.

On the day it was introduced into the market, MTN Nigeria shares gained N9 to close at N99 per unit. The next day, it jumped to N108.90k per unit and on the third trading day, it ended at N119.75k per share.

On the fourth day, the stock rose to N131.70k and on the fifth day, it appreciated to N144.85k per share.