As the capital market nosedive, investors in MTN Nigeria are counting their losses, as shareholders investment in the telecommunications company depreciated significantly.
Within two days, MTN Nigeria investors lost -15.9% of their investment due to sell off among shareholders, reflecting dwindling confidence in the network provider in the capital market.
The sell off is coming at a period MTN Nigeria is expected to release its financial report covering the second quarter of 2022 to investors, to enable them weigh the performance of the firm as regards to their investment decision.
On Monday, MTN Nigeria had opened trading at N229 per share, but at the close of the session, the equity depreciated to N213 per stock, as the capital shareholders were willing to dump the asset at a reduced price.
The sell off continued on Tuesday, reflecting the telecommunications company is entering into the bears territory, considering the share further depreciated to N192.5kobo after business hours.
Prime Business Africa analysis discloses that the fall in MTN Nigeria’s share resulted to N742.93 billion loss in investment held by shareholders in the y’ello network.
The loss impacted the capitalisation of MTN Nigeria, devaluing the company’s worth in the capital market to N3.91 trillion, from N4.66 trillion within two days.