MTN Nigeria Plc's market capitalisation has dipped below N5 trillion as selling pressure intensified on Friday, with investors trimming their holdings in telecom stocks. The company's share price fell by 4.08%, closing at N235 ahead of its upcoming annual general meeting with shareholders.
The decline led to a drop in MTN Nigeria's market value to N4.933 trillion, marking an 11% decrease from its 52-week peak. Trading data from the Nigerian Exchange revealed that over 5.985 million units, valued at N1.379 billion, were traded on Friday, largely driven by sell-side investors exiting their positions ahead of the shareholder meeting scheduled for April 30. Stockbrokers noted that the N169 per share mark is the lowest price MTN Nigeria has reached in the past year.
In its 2024 financial report, MTN Nigeria posted a pre-tax loss of N550.33 billion, a significant increase from the N177.89 billion loss in 2023. Despite a N149 billion tax credit, the company’s net loss surged by 192.24%, rising from N137.02 billion in 2023 to N400.44 billion in 2024. This was mainly attributed to the devaluation of the naira, which led to higher foreign exchange losses.
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