MTNN shares lost 10% to end trading at N90 as market sell off worsens


At the close of trading on Monday, shares of MTNN lost 10percent to end trading at N90. This is the same price the shares was first traded when it listed by introduction some 10 months ago.

Investors also sold off stocks of tier-1 banks forcing the All-share index to tank by 2.4percent to 21,330.79 points – the biggest move since falling 2.9percent on March 19.

Consequently, the year to date loss of the NSE ASI worsened to 20.53%. Specifically, the share price of bellwether stocks such as MTNN, ZENITHBANK, GUARANTY, INTBREW, ACCESS tanked by 10%, 5.16%, 2.98%, 9.26 and 5.47% respectively.

Consequently, the NSE BANKING and NSE Consumer goods dwindled by 3.62% and 0.92% respectively.

Elsewhere, the volume of stocks traded rose by 85.71% to 0.46 billion units while the value of stocks dipped by 42.43% to N1.93 billion respectively.

Meanwhile, NIBOR declined for most tenor buckets amid renewed liquidity ease; however, NITTY moved in mixed directions.

In the OTC bonds market, the values of FGN bonds was flattish for most maturities tracked; FGN Eurobond dipped for all maturities tracked.

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