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Dangote Cement plc (DANGCEM), the most capitalised company on the Nigerian Stock Exchange (NSE), recorded its biggest gain in over four years on Wednesday. Many analysts had expected that MTN Nigeria would overtake DANGCEM as the most capitalised stock on the bourse if not for the renewed interest in the cement company’s shares witnessed yesterday….
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Dangote Cement Plc, the biggest company on the Nigerian Stock Exchange (NSE) by market capitalization, recorded its biggest gain in over four years.
The stock rose by 9.73 percent to close at N203 on Wednesday, the biggest gain recorded by the cement giant at the domestic bourse since April 1, 2015
Since the listing of MTN Nigeria on the NSE on Thursday, many investors have been unable to purchase the shares of the telecoms company.
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The share price of MTN Nigeria Communications Plc increased to N144.85 as at 10:35am on Wednesday May 22, 2019 from N131.7 recorded on Tuesday.
The share price increased by N13.15 or 9.98 percent which represents its daily allowable limit. The stock gained a total of N270billion on Wednesday.
At the current market price, the cumulative value (stock market cap) of MTNN is now N2.95trillion.
At this level, the total value of MTN Nigeria stocks is just about N250billion less than that of Dangote Cement Plc at N3.203trillion.
It implies that if MTNN achieved another 10percent permissible limit on Thursday May 23, it will surpass Dangote Cement Plc as the most capitalized stock on the Nigerian Stock Exchange.
The stock has risen by N54.9 or 60.9percent in just five days after its listing by introduction on the Nigerian Stock Exchange (NSE).
As at May 16, stock dealers exchanged 5.541million units of MTN Nigeria shares at N99 per share. On May 17, they exchanged 32.098units at N108.90 per share.
On May 20, 51.4million units were exchanged at N119.75 per share; while on May 21, stock dealers exchanged at N131.70per share, 110.7million units of MTN Nigeria Communications Plc.
The stock has the potential to continue its upward trend amid the Nigerian Stock Exchange (NSE) confirming that significant issues have been raised that Dealing Members who have not been involved in the cross deals have been unable to trade on behalf of their clients.
MTN Nigeria listed by introduction its 20.35billion shares at N90 per share. The stock was listed on the Premium Board.
The listing by introduction means that the existing shares of MTN Group (78.8percent), the Nigerian investors (19.4percent); and other investors (1.8percent) are listed.
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The Nigerian equity market on Monday recorded its highest daily gain to extend its gaining streak to 3 consecutive trading days since the listing of MTN last Thursday.
At the close of trading on Custom Street, the Nigerian all share index (ASI) picked up by 1.74 percent.
The stocks market neared 2 percent daily growth although reports on Q1 GDP showed a slow down by 16 percentage points from 2.38 percent in the fourth quarter of 2018 to settle at 2.01 percent in the first quarter of 2019.
However, analysts opined that the performance of the Nigeria all share index was independent of the GDP report-which they said, did not catch investors’ by surprise.
“The slowdown witnessed in the economy was a resultant effect of the 2019 general elections in Q1,” Gbolahan Ologunro, analyst at CSL stockbrokers opined, “This had already been envisaged by investors as witnessed also in the fourth quarter of 2018, hence, priced into the market.”
Gains in the day’s trading session pared year to date loss from -8.14 percent as at friday of the previous week to -6.54 percent.
Fola Abimbola, Equity analyst at FBNQuest also explained that the effect the growth in the economy on the stock market would be very minimal.
“Anybody that would take a position on stocks would not be based on the fact that GDP growth didn’t outperform the previous quarter, ’’ he stated.
The analyst explained that the major driver for stocks on the exchange is their quarterly numbers which failed to impress in Q1 2019 on the heels of “election uncertainties, as most Company management claimed,” Abimbola explained.
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