MTN Nigeria Shares Rise 10% on First Trading Day

• MTN Nigeria Shares Rise 10% on First Trading Day

Shares of MTN Nigeria rose by 10 percent on Thursday, its first trading day after final approval from the Nigerian Stock Exchange.

The stock gained N9 on its first trading day to close at N99, a 10 percent surged from its listing price N90 per share.

A total of 5.5 million shares valued at N545.59 million were traded in 15 deals.

MTN Nigeria Communications Plc listed 20.35 billion ordinary shares at N90 a share.

The Chief Executive Officer, MTN Nigeria, Mr Ferdi Moolman, who was present at the listing, said: “We believe in this market and we are here to stay,” Moolman said.”

Mr Oscar Onyema, the NSE Chief Executive Officer, had earlier said the company was the first telecommunications network provider to be listed on the NSE Premium Board.

Onyema said Premium Board was a listing segment for the elite group of issuers that meet the exchange’s most stringent corporate governance and listing standards.

“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,” he said.

“We are delighted to welcome MTN Nigeria to the Exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.

“As a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of the exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment.

“This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development”, he added.