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The Nigerian stock market advanced by 0.08percent in the trading week to May 17, 2019 as investors continued to show interest in stocks of newly listed MTN Nigeria Communications Plc.
The Nigerian Stock Exchange (NSE) on Thursday May 16, 2019 listed by introduction 20.35billion ordinary shares of MTN Nigeria Communications Plc at N90 per share. It was listed on the Premium Board.
This Board features Dangote Cement Plc, FBN Holdings Plc, Zenith International Bank Plc, Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc.
On its second trading day being Friday May 17, 2019, the shares of the telecom giant gained N9.9 or 10 percent (the maximum permissible increase) to occupy the topmost position on the gainers table. The stock closed higher at N108.90kobo. Only on Friday, the stock market gained 1.53percent.
MTN Nigeria listing by introduction brought forth N1.83trillion ($6billion) worth of equities to the Nigerian Bourse. The value of listed stocks on the NSE increased from N10.842 trillion at the beginning of the review week to N12.716trillion. Likewise, the All Share Index (ASI) moved up from 28,847.81 points to 28,871.93 points.
The stock market’s negative year-to-date (ytd) return moderated to -8.14percent.
“MTN Nigeria Communications Plc remains the sole market catalyst, driving market to its highest gain in the 12th of February, 2019. We expect market to close positive at week open as the index continues to rally on the back of the new listing”, according to equity research analysts at Vetiva Capital.
Barely 24 hours after its shares were listed on the Nigerian Stock Exchange (NSE), telcom giant MTN Nigeria Communications Plc has signed N200billion medium term loan facility with seven Nigerian Banks.
The banks are Access Bank Plc, GTBank Plc, Zenith Bank Plc, Fidelity … Read More...