- The start of the trading week cost shareholders of MTN Nigeria N20.35 billion between Monday and Tuesday, as the firm's market value dropped
- MTN Nigeria's equity capitalisation dwindled from N3.33 trillion of last week Friday to N3.31 trillion on Tuesday following share price depreciation
- Some shareholders of the telecommunications company engaged in profit-taking which dragged the valuation of MTN Nigeria down
MTN Nigeria started this week as a loser as the company's stock value crashed on Monday, and has remained stagnant ever since it depreciated.
The depreciation of the company's share price negatively impacted on the investment of MTN Nigeria's shareholders, as they lost billions of naira in the process.
What you need to know
The shareholders lost over N20.35 billion within a space of two days as the stock value fell to N163 per share on Monday, against the N164 it sold for last week Friday.
MTN Nigeria's share price traded flat on Tuesday at N163 per share. The decline in the y'ello network's stock value crashed its market valuation to N3.31 trillion within the two days period.
Last week Friday, the company's market capitalisation was at N3.33 trillion. The decline cost shareholders a total of N20,354,513,050.
The fall in MTN's market value occurred as some shareholders took advantage of the surge in the company's stock value last week by engaging in profit-taking.
MTN Nigeria loses over 243,000 subscribers
MTN lost over 243,203 data subscribers in May as Nigerians continue to look for cheaper rate and better network service within the telecommunications market.
The company's subscribers dropped to 60.20 million in the month under review, falling below the 60.44 million it recorded a month before.
Aside from MTN, other telecoms operators also suffered losses in May, showing that the industry is struggling to keep subscribers.
The loss has been on since last year.