MTN Nigeria loses N386 billion in market capitalization following public offer announcement
At the end of today’s trading session, MTN Nigeria Plc share price depreciated by 10.00% to close at N171.00 per share, taking the market capitalization from N3.87 trillion to N3.48 trillion.
This comes after the company notified the exchange and the investing public of the offer for sale of 575 million shares held in MTN Nig to retail investors, priced at N169.00 per share.
MTN Nig Plc, today recorded a loss in share prices which can be attributed to investors’ negative sentiment which triggered sell-offs in the shares of the company supporting a loss of N386.74 billion in market capitalization at the close of trading activities on Nigeria’s stock exchange.
The shares of the quoted company declined from N190.00 per share at the start of the trading day to N171.00 per share, the lowest price traded at the close of the market, representing a loss of 10.00% which in monetary terms is N19.00.
Stock performance summary
The sell pressure witnessed in the shares of MTN Nig negatively influenced the company’s market capitalization from N3.87 trillion to N3.48 trillion at the end of today’s trading activities, taking the loss to N386.74 billion.
Read This: Africa’s internet economy to cross $180 billion by 2025 – Report
The shares of MTN Nig Plc have gained 0.65% from year-to-date, starting the year at N169.90 and currently trading at N171.00. However, the shares of the company have returned about 10.32% gains for investors who bought them at their 52-week low trading price of N155.00 per share.
During today’s trading hours, 516,179 ordinary shares of MTN Nig Plc worth about N88.27 million, were exchanged in 218 executed deals.
In comparison, the shares of Airtel Plc closed flat at N950.00 at the end of today’s trading session.
What you should know
MTN Nig Plc had earlier launched a bookbuild ahead of its retail offer. The bookbuild was only open to institutional investors from November 23rd -26th, 2021. Following the conclusion of the bookbuild, the company announced the price of the share for offer to retail investors.
At the end of today’s trading activities, the NGX All-Share Index and market capitalization depreciated by 1.87% from the previous trading day, to close at 42,463.16 index points and N22.16 trillion respectively.
