MTN Nigeria records first loss after listing, amid profit taking

MTN Nigeria Communications on Friday recorded its first price loss on the Nigerian Stock Exchange (NSE) after listing on May 16.

Our correspondent reports that the stock dipped N9 to close at N140 per share following profit taking.

It was reported that MTN Nigeria on May 16 listed a total of 20.35 billion shares at N90 per share.

Consequently, the crucial market indicators which have maintained steady growth since May 16 dropped by 1.90 per cent due to losses by MTN Nigeria and Dangote Cement.

Specifically, the market capitalisation shed N263 billion or 1.90 per cent to close at N13.601 trillion compared with N13.864 trillion recorded on Thursday.

Similarly, the All-Share Index which opened at 31,477.51 lost 596.22 points or 1.90 per cent to close at 30,881.29.

Further analysis of the price movement chart indicates that Dangote Cement trailed with a loss of N5 to close at N200, while Nigerian Breweries lost N3.70 to close at N58 per share.

Stanbic IBTC down by N2 to close at N42.05, while Unilever declined by N1.00 to close at N31 per share.

On the other hand, Nestle led gainers’ table during the day appreciating by N35 to close at N1,400 per share.

Ecobank Transnational Incorporated followed with a gain of 90k to close at N10.05, while Fidson Healthcare gained 45k to close at N5.05.

Zenith Bank added 20k to close at N19, while Fidelity Bank increased by 18k to close at N1.81 per share.

Also, the volume of shares traded dipped by 47.47 per cent, while value of shares transacted decreased by 23.62 per cent.

Guaranty Trust Bank was the most active stock for the day, exchanging 54.76 million shares valued at N1.7 billion.

United Bank Africa followed with an account of 49.17 million shares worth N262.39 million, while Access Bank traded 39.98 million shares valued at N232.12 million.

Zenith Bank sold 31.69 million shares valued at N603.63 million, while FBN Holdings traded 18.45 million shares worth N129.89million.