Market Sell-Offs Drag MTN Back To Listing Price

Coronavirus has hit hard on the equity market as investors are opting for safer investments. The decline in MTN share price by 10% at the close of the Monday trading session led to a dip in the company’s share price, from N100 to the initial listing price of N90.

MTN, one of the leading telecom companies. was listed on the Nigerian Stock Exchange in May 2019 with a starting share price of N90.

Investors’ fears of the coronavirus impact and low oil prices, contributed mainly to the price slide.

Similarly, the bearish sentiment resulted in the Market Capitalization dropping by N276.7bn to end at N11.1 trillion, while the All share Index fell by 2.43% to 21,330.79 points.

The fall in Monday indices similarly led to a 20.5% decline in the Year to Date (YTD) return.

Afrinvest Research expects the “bearish performance to continue given the low oil prices and continuous spread of COVID-19 that pose major threats to investors.”