MTN Nigeria shareholders had no reason to celebrate this week as their investment in the telecommunications company went down by 3.03 percent at the close of trading on the floor of the Nigerian Stock Exchange (NSE) on Friday.
MTN began the week on a high after its market value surpassed one of its closest rivals in the industry, Airtel.
The company had displaced the Bharti subsidiary as second most valuable firm on the Nigerian bourse.
But after five days of trading, last week gains were almost shed as shareholders lost about N100 billion, according to Ripples Nigeria analysis of the network provider’s capital market performance this week.
MTN ended the week with N3.2 trillion market capitalisation on May 28 despite investors increasing their offer for the y’ello network stock, which was higher than the week’s opening price.
MTN opened with N160 per share on Monday but closed the day with N160.5kobo per share.
The telecommunication giant traded flat on Friday, when it closed at N160.9kobo per share.
The rise in stock price didn’t stop the MTN market value from dropping by N100 billion when compared to last week’s market capitalisation of N3.3 trillion.
While some shareholders were impacted by the decline, others engaged in profit taking to take advantage of investors’ interest in the company.
951,265 shares were traded between investors and shareholders at N160.9kobo per share on Friday compared to Monday’s 570,386 shares sold at N160.5 per share.