MTN becomes largest company on Nigerian Stock Exchange (NSE)
MTN Nigeria has become the largest company by market capitalisation on the Nigerian Stock Exchange (NSE), just about three months after its listing.
MTN Nigeria’s shares closed at N138.70 per share on Monday, bringing the company’s market capitalisation to N2.82 trillion as against Dangote Cement’s N2.81 trillion.
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.
Thanks to gains by Courteville Business Solutions, UACN, FCMB and AIICO, the market capitalisation which opened at N13.121 trillion rose by N93 billion to close at N13.214 trillion.
MTN became the first telecommunications network provider to be listed on the NSE Premium Board in May.
The NSE listing 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 the company.
It listed a total of 20,354,513,050 ordinary shares at a listing price of N90.00 per share.