The Nigerian unit of the South African telecommunications giants, MTN Nigeria, on Thursday listed on the local stock exchange.
It was expected that the listing of MTN on the Nigerian Stock Exchange (NSE) would have a positive impact on the market. Apparently, that assumption seems pretty accurate so far.
Trading as MTNN, MTN Nigeria was listed at exactly 16 minutes before the close of market yesterday. After 16 minutes of trading, MTN Nigeria closed at ₦99 ($0.27), 10% higher than its opening price.
And according to a report, this increased the company’s value to ₦2 trillion while also having a positive impact on the All-Share index of the stock exchange.
Interestingly, MTNN is listed as the most advanced stock in the market. Beyond that, the symbol also appeared second on the most traded stock, just after TRANSCORP.
Listing under the ICT sector, MTNN is the first telecommunications company on the NSE and as it is, its last share price is higher than the share price of any other ICT company of the exchange.
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In the early hours of its second day on the exchange, MTNN was already trading at ₦108.9 ($0.30), about 20% higher than its opening price on day one.
According to Afrivest West Africa, over 200,000 units of shares were traded as at 10:40 AM (WAT) on Friday.
Is MTN Nigeria the missing piece to improve the NSE, which Bloomberg claims is the fourth-worst performing globally this year?
Evidently, MTN Nigeria is in for a good ride on the NSE, possibly an open invitation to other telecom companies in the country to get listed.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.