Telecom giant MTN Nigeria (MTNN) maintained its market value on Wednesday despite recording a massive cross trade deal that bypassed the Nigerian Exchange (NGX). The stock closed at N245, with 10.96 million shares worth over N2.687 billion exchanged on the local bourse.
Following a 4% drop the previous day, MTNN’s market capitalization settled at N5.153 trillion on Wednesday. The stock remained unchanged as brokers facilitated cross trades between investors, matching buy and sell orders for 9 million units at N245 per share.
What is a Cross Trade? Experts explain that a cross trade happens when a broker executes buy and sell orders for the same stock between two different clients, without going through the open market. This allows large transactions to be completed efficiently without affecting the stock’s price.
MTNN was the most traded stock by value, accounting for 26.34% of all transactions on the NGX for the day.
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