MTNN Plc gains over N61 billion in market value as share price hits new high

MTN is one of Nigeria's most successful telecommunications firms. It is a South African firm with operations in a number of African nations. One of the countries where the network operates is Nigeria.

MTN was forced to list on the Nigerian Stock Exchange as a result of NCC's successful regulatory action taken during the mobile network operator's fine settlement agreement in 2016, which mandated the telco to do so among other things (NSE).

MTN Nigeria Plc's share price rose 1.45 percent to N210 per share at the end of yesterday's trading session, bringing the company's market capitalization to N4.27 trillion.

The communication company's share price increase can be linked to investors' optimistic sentiment, which spurred buy-interests, boosting the company's value by 145 basis points.

As a result of the rally in the company's shares, the company's market capitalization increased by N61.06 billion at the closing of trading on Nigeria's stock exchange.

The stated company's shares increased from N207.00 per share at the start of the trading day to N210.00 per share, the highest price traded at the market's close, representing a 1.45% rise in monetary terms of N3.00.

Stock Performance

The buy interest seen in MTNN Plc's shares saw the company's market capitalization rise from N4.21 trillion to N4.27 trillion at the close of the day's trading, bringing the profits to N61.06 billion.

The company's stock has increased 6.60 percent year to year, starting the year at N197.00 and now trading at N210.00. The company's stock is presently trading at N210.00, which is its 52-week high. However, investors who purchased the company's shares at their 52-week low selling price of N160.00 a share have made a 31.25 percent profit.

230 conducted deals totaled 1,275,799 ordinary shares of MTN Nigeria Plc for N268.66 million during the day's trading hours.

Important Note

The NGX All-Share Index and market capitalization both rose 0.13 percent from the previous trading day to settle at 46,904.48 index points and N25.28 trillion, respectively, at the end of the day's trading activities.