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MTN Nigeria Bears the Brunt of Large-Scale Selloffs
MTN Nigeria Plc suffered a sharp market reversal on Monday as aggressive profit-taking wiped ₦1.028 trillion off its market capitalisation, representing a 6.46% decline. Trading data from the Nigerian Exchange (NGX) showed that investors offloaded MTN Nigeria shares in large volumes, reflecting weakening sentiment in the equities market.
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The telecom giant’s share price fell to ₦709 after 24.59 million units worth ₦17.45 billion were traded in a single session. Analysts attributed the selloff largely to early profit-taking ahead of dividend payments, following a strong rally earlier in the year.
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MTNN Trades at Discount to 52-Week High
MTN Nigeria’s share price has now declined from its 52-week high of ₦819 to ₦709, placing the stock at a 13.43% discount to its peak valuation. As a result, the company’s market value dropped to approximately ₦14.89 trillion, based on its 20.995 billion outstanding shares.
Market watchers noted that the pullback reflects cautious positioning by investors seeking to lock in gains after the stock’s strong performance in 2025.
Dividend Expectations Drive Investor Behaviour
Following a robust earnings performance in 2025, MTN Nigeria proposed a total dividend of ₦20 per share, subject to shareholder approval. This includes a ₦5 interim dividend already paid in September 2025—amounting to ₦104.98 billion—and a proposed final dividend of ₦15 per share valued at ₦314.93 billion.
The telco did not declare dividends in 2024 due to profitability constraints, making the 2025 payout particularly significant and a key trigger for the recent profit-taking cycle.
NGX Market Capitalisation Shrinks by ₦1.38 Trillion
The selloff in MTN Nigeria spilled over into the broader market, dragging the NGX into negative territory. Total market capitalisation fell by ₦1.38 trillion (1.07%) to close at ₦127.75 trillion on Monday, March 23, 2026.
The NGX All-Share Index declined by 2,142.83 points to settle at 199,014.02, as sell-side pressure intensified in large-cap stocks.
MTNN and GTCO Lead Market Decline
Alongside MTN Nigeria, Guaranty Trust Holding Company (GTCO) was a major drag on the market. GTCO shed 8.18% to close at ₦105, amid reports of a missed regulatory filing, compounding investor caution.
Despite positive market breadth—43 gainers versus 22 losers—the overall downturn was driven by heavy losses in a few high-cap stocks. MTN Nigeria alone accounted for 32.88% of total trade value for the day.
Trading Activity and Sector Performance
Total trading activity weakened significantly, with volume and value traded declining by 86.0% and 59.0%, respectively. About 848.84 million shares valued at ₦53.34 billion were exchanged across 139,458 deals.
Sectoral performance was largely negative. The Banking sector declined by 2.02%, while Consumer Goods and Insurance fell by 1.13% and 0.16%, respectively. In contrast, the Oil & Gas and Industrial Goods sectors posted modest gains of 0.31% and 0.17%.
Market Outlook: Profit-Taking Dominates Short-Term Sentiment
Analysts at leading investment firms, including CardinalStone, described the downturn as a post-rally profit-taking phase, intensified by currency pressures and heightened foreign exchange demand that continues to weigh on the naira.
While large-cap stocks faced selling pressure, select mid-cap equities recorded strong gains, underscoring selective buying interest amid broader caution in the market.
