MTN Nig Plc’s share price rose 5.68 per cent at the end of the day’s trading session to settle at ₦270 per share, raising the market value from ₦5.20 trillion to ₦5.50 trillion.
This comes after MTN announced that its fintech subsidiary, MoMo payment service bank, has begun operations across the country after receiving full approval from the central bank, the Central Bank of Nigeria (CBN).
MTN Nig Plc reported improvements in share price, which can be ascribed to investors’ optimistic feelings, which generated buy-interests in the company’s shares, supporting a market capitalization gain of ₦295 billion at the closing of trading on the Nigerian Stock Exchange.
The listed telecom giant’s shares increased from ₦255.50 per share at the start of the trading day to ₦270.00 per share, the highest price traded at the market’s close, representing a 5.68 per cent gain, or ₦14.50 in monetary terms.
The buy-interests shown in MTN Nig Plc shares increased the company’s market value from ₦5.20 trillion to ₦5.50 trillion at the close of the day’s trading, bringing the gain to ₦295 billion.
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The stock has risen 37.06 per cent year to date, beginning the year at ₦197 and currently trading at ₦270. However, investors who purchased the company’s shares at their 52-week low trading price of ₦160.00 per share had gained almost 68.75 per cent.
During the day’s trading, 20,601,952 ordinary shares of MTN Nig Plc, valued at approximately ₦5.94 billion, were swapped in 432 transactions.
In comparison, Airtel Africa Plc’s shares stayed steady at the end of today’s trading session, closing at ₦1400.00.
The NGX All-Share Index and market capitalization increased by 1.05 per cent from the previous trading day to settle at 53,275.49 index points and ₦28.72 trillion, respectively, at the end of yesterday’s trading activities.
The NGX Industrial Index rose 0.14 per cent to end the day at 2293.51 points, up from 2290.24 index points.
