MTNN hits new high of N144.85 , closing in on Dangote Cement

MTNN hits new high of N144.85 , closing in on Dangote Cement

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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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