MTNN stock down 7% as demand moderates on NSE

The shares of MTN Nigeria Communication plc (MTNN) fell by N10 or 7.14 percent to N130 per share as at the close of trading on Monday as demand continues to wane compared with supply.

Analysts say investors who took earlier position in the stock which was listed by introduction on the Nigerian bourse may have started taking profit (selling) on recent capital appreciation.

MTNN listed its 20.35 billion shares at N90 per share.

The stock’s new low of N130.05 per share on the Nigerian Stock Exchange (NSE), fromprecedingdayhighofn140, came barely three days after the Telco’sofficeraidbyofficialsofthe Economicandfinancialcrimes Commission (EFCC).

In a notice at the NSE, the management of MTN Nigeria

gave reasons why operatives of the EFCC raided its Lagos office on Friday.

In the statement signed by Uto Ukpanah, company secretary, MTNN said the EFCC wrote the Telco on May 23, 2019, requesting information and documentation in connection with the shares recently listed by MTN Nigeria at the Nigerian Stock Exchange.

“MTN has not been accused of any wrongdoing,” the statement read.

It added that MTN received all regulatory approvals from the NSE and the Securities and Exchange Commission (SEC) in connection with the listed shares.

“As lawabiding and responsible corporate citizens, we are cooperating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria,” Ukpanah said in the statement.