Home Business MTN listing reverses Nigerian equity market upturn, up 0.54%

MTN listing reverses Nigerian equity market upturn, up 0.54%

May 16, 2019

L – R Mrs. Erelu Angela Adebayo, Member, National Council Member, The Nigerian Stock Exchange (NSE); Mr. Aigboje Aig-Imoukhuede, CON, Ex-Officio, NSE; Mr Oscar N. Onyema, OON, Chief Executive Officer, NSE; Mr. Ferdi Moolman, Chief Executive Officer, MTN Nigeria Communication Plc; Dr. Pascal Dozie, CON, Chairman, MTN Nigeria Communication Plc; Mr. Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham; Mr. Abubakar Balarabe Mahmoud, SAN, OON, First Vice President, NSE; and Mr. Gbenga Oyebode, MFR, Director, MTN Nigeria Communication Plc during the Listing of MTN Nigeria Communications Plc on the Premium Board of The Exchange in Lagos on Thursday.

After 9 consecutive sessions of downtrend, the Nigerian Stock Exchange (NSE) turned the corner on Thursday, following the listing of the shares of MTN Nigeria Communications Plc.

The All Share Index (ASI) gained 152.11 absolute points, representing 0.54 per cent appreciation to close at 28,438.19 points, while Similarly, Market Capitalization grew by N1.90 trillion, representing an increased of 17.87 per cent to close at N12.53 trillion due to the addition of N1.83 trillion market capitalization of MTN Nigeria Communications Plc.

In its first trading session, MTN Nigeria appreciated 10 per cent to emerge the highest gainer among 10 other appreciators, while Unity Bank shed -9.72 per cent with a 25 losers emerging on Thursday.
A total of 312.36 million shares worth N2.81 billion exchanged hands in 3,933 transactions, with Transcorp emerging the most active stock, having traded 105.49 million shares valued at N130.09 million.