Business
MTN Nigeria shareholders lose N50.88bn in eight hours
Shareholders of MTN Nigeria lost -1.34 percent of their investment in the telecommunications company on Wednesday, as its share closed negative in the capital market.
MTN Nigeria stock had began trading at N186 per share on Wednesday, but depreciated to N183.5kobo per share at the close of trading in the Nigerian bourse
The depreciation had been fueled by sell off on the exchange floor of the y’ello network, which saw investors trade 1.74 million shares at a value of N319,979,409.5
Read also: MTN Nigeria stock hits four-month low, as shareholders lose N468.2bn to sell off
This was against the N314,962,170 parted with on Tuesday by investors in exchange for 1.69 million shares – reflecting a surge in volume of traded shares at a cheaper price.
Within eight hours of trading on Wednesday, holders of MTN Nigeria share lost N50.88 billion to the sell off that took place, as the market cap stumbled to N3.73 trillion.
The -1.34 percent dwindled the N3.78 trillion total shareholders’ investment MTN Nigeria closed with on Tuesday, Ripples Nigeria analysis shows.
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