Only three months after listing on the Nigerian Stock Exchange (NSE), giant telecommunication company MTN Nigeria has bridged the over N782 billion value gap with Dangote Cement to emerge Nigeria’s largest company by market capitalisation.
The popular telecommunication company’s stock gained 2.74 percent to N138.70 in early trading Monday on the Lagos bourse, bringing its market value to N2.82 trillion as against Dangote Cement’s N2.81 trillion which closed at N164.5 per share.
In May when MTN Nigeria listed on the NSE, the company’s market capitalisation was N1.3 trillion leaving N782 billion margin between Dangote Cement. The All-Share Index inched 190.60 points to 27,115.89 compared with 26,925.29 achieved on Friday.
Also, the market capitalisation which opened at N13.121 trillion rose by N93 billion to close at N13.214 trillion. Courteville Business Solutions recorded the highest price gain of 10%, to close at 22k per share.
UACN came second with a growth of 6.67% to close at N4.80, while FCMB Group appreciated by five per cent to close at N1.68 per share. AIICO Insurance rose by 4.92 per cent to close at 64k, while Oando appreciated by 4.48% to close at N3.50 per share.
MTN’s listing on the NSE was part of negotiations with Nigerian authorities to reduce a fine of N5.3 trillion by the Nigerian Communications Commission (NCC) for misdeeds with sim card registrations by MTN.
It listed a total of 20,354,513,050 ordinary shares of MTN Nigeria at a listing price of N90.00 per share. MTN Nigeria is the first telecommunications network provider to be listed on the NSE Premium Board.
MTN Group Limited, formerly M-Cell, is a South African multinational mobile telecommunications company, operating in many African, European and Asian countries. Its head office is in Johannesburg.
MTN’s shares have continued to rally on the telco’s imminent inclusion into the Morgan Stanley Capital International frontier markets index and after it declares an interim dividend payment of N2.95 per share.