MTN Nigeria Plc’s stock market value decreased as a result of selloffs. Investors’ rotation away from telecom stocks harmed telecom business market value.
According to data from the Nigerian Exchange, MTN Nigeria has become reasonably inexpensive at N180, down 10% week on week. The stock plummeted twice in five trading sessions due to sell-side activity.
The telecom share price opened at N199.90 and has remained constant at that level throughout the last seven trading sessions. At the present price, MTN Nigeria’s 20.995 billion outstanding shares are valued at N3.779 trillion in the Nigerian stocks market.
The telecom company rebounded recently after it renegotiated deals with IHS and ATS with expectation to reduce exposure to foreign currency priced deals.
MTN Nigeria reported a solid double-digit revenue growth of 33% year on year to N1.54 trillion in in the first half of the year from N474.1 billion in the comparable period, despite macro headwinds and continued Naira depreciation.
However, its net income dipped 506% year on year to a loss of N519.06 billion from N85.6 billion loss in the same period last year.
This was due to the effect of the foreign revaluation, in which the company reported a 95% increase in total foreign exchange loss of N887.7 billion.
