Sustained sell pressure witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange has resulted in shareholders of MTN Nigeria Plc losing about N417 billion in a day of trading on Tuesday.
It was gathered that that the telecom stock dropped by 9.62% to N192.50 per share from N213 the previous day.
Further analysis showed MTN Nigerian closed the day at N192.50 per share and N3.918 trillion in market capitalisation on the Nigerian Stock Exchange (NGX) as against N213 per share and N4.335 trillion in market capitalisation the previous day, hence earning a loss of N417 billion or 9.62%.
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Consequently, the stock market closed negative amidst buy-interests and sell-offs as bears dominated proceedings for the sixth consecutive day.
The All-share Index (ASI) depreciated by 1.86% to close at 50,442. 37 index points as against 51,400.53 index point the previous day. In the same vein, the overall market Capitalization declined by N517 billion or 1.86% to close at N27.201 trillion as against N27.718 trillion the previous day.
Market breadth closed negative with 37 losers against only three gainers as Tranex Plc led the losers with 10% while Livestock Feeds Plc led the few gainers with 1.63%.