At the end of the day’s trading session, MTN Nig Plc’s share price appreciated by 5.68% to close at N270 per share, taking the market capitalization from N5.20 trillion to N5.50 trillion.
This comes after MTN released a notice that the company has commenced operations of its fintech subsidiary, MoMo payment service bank across the country having received full approval by the apex bank, the Central Bank of Nigeria (CBN).
MTN Nig Plc recorded gains in share price, which can be attributed to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N295 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.
The shares of the quoted telecom giant advanced from N255.50 per share at the start of the trading day to N270.00 per share, the highest price traded at the close of the market, to represent a gain of 5.68%, which in monetary terms is N14.50.
Stock performance summary
The buy-interests witnessed in the shares of MTN Nig Plc positively influenced the company’s market capitalization from N5.20 trillion to N5.50 trillion at the end of the day’s trading activities, taking the gain to N295 billion.
The company’s shares have gained 37.06% year-to-date, starting the year at N197 and currently traded at N270. However, the company’s shares have returned about 68.75% gains for investors who bought them at their 52-week low trading price of N160.00 per share.
During the day’s trading hours, 20,601,952 ordinary shares of MTN Nig Plc, worth about N5.94 billion, were exchanged in 432 executed deals.
In comparison, the shares of its industry peer, Airtel Africa Plc remained unchanged to close at N1400.00 at the end of today’s trading session.
What you should know
At the end of yesterday’s trading activities, the NGX All-Share Index and market capitalization appreciated by 1.05% from the previous trading day to close at 53,275.49 index points and N28.72 trillion, respectively.
The NGX Industrial Index appreciated by 0.14% to close the day at 2293.51 points from 2290.24 index points.
