MTN Nigeria Plc, a prominent telecommunications company listed on the Nigerian Exchange Group Plc (NGX), reported a significant loss of approximately N982 billion by the close of weekly trading, positioning it as the top loser for the week.
This decline was driven by sustained selling pressure observed on the stock.
Analysis conducted by TheWitness revealed that MTN’s stock plummeted by 18.91% to N200.70 per share, resulting in a reduction in market capitalization from N5.196 trillion to N4.214 trillion compared to the opening figures for the trading week, where it stood at N247.50 per share.
Other three notable losers included shares of Sunu Assurance Nigeria Plc, which experienced a decline of 18.18% to close at N1.71 per share from the week’s opening value of N2.09.
Similarly, Nestle Nigeria Plc witnessed an 18.18% drop to close trading at N900.00 per share from an opening figure of N1,100. Additionally, CWG Plc’s shares decreased by 11.76% to close at N6.00 per share from the opening price of N6.80 per share.
The local bourse registered a decline of 3.27% week-on-week (w/w), erasing a significant portion of the gains made in the preceding week, with the benchmark index settling at 98,751.98 points.
This marks a decrease from the week’s opening position of 101,995.53 points on Monday.
Market analysts attribute this downturn to investors capitalizing on profits following a notable bullish rally observed in recent periods.
Furthermore, the recent hike in policy rates has prompted investors to redirect their focus towards fixed-income markets, consequently impacting the performance of the equity market.
The NGX All-Share Index and Market Capitalization depreciated by 3.27% to close the week at 98,751.98 and N54.035 trillion respectively.
Similarly, all other indices finished lower except NGX ASem, NGX AFR Bank Value and NGX Sovereign Bond which appreciated by 16.93%, 1.15%, and 8.25% respectively.
A total turnover of 1.882 billion shares worth N34.149 billion in 48,464 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.377 billion shares valued at N31.584 billion that exchanged hands last week in 42,040 deals.
