MTN stock listing boosts Nigerian stock market by 1.8 trillion naira

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Following the successful listing of MTN Nigeria Communications Plc’s shares on the Nigerian Stock Exchange (NSE), the eight-day bearish trend at the stock market was halted.

MTN Nigeria’s listing of 20.4 billion shares at 90 naira per share lifted the market capitalisation of exchange by 1.8 trillion naira to close the day at 12.5 trillion naira. The Nigerian Stock Exchange All-Share Index (NSE ASI), also rose by 0.54 percent to close at 28.438.19.

The Chief Executive Officer of NSE, Mr. Oscar Onyema, who commented on the listing, said “we are delighted to welcome MTN Nigeria to the exchange. Today’s listing is a promising development in the country’s telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital”.

Onyema said “as a listing platform of choice, today’s listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of the exchange’s commitment to building a dynamic and inclusive market and creating channels for sustainable investment”.

He added that “this listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development”.

Also speaking on the listing, the Chief Executive Officer of MTN Nigeria, Mr. Ferdi Moolman said “we have evolved from an ambitious start-up at the genesis of a new and emerging industry, to a business that is able to touch lives in every corner of Nigeria”.

According to Moolman, “we have established a sustainable platform for growth, from which we are able to meet the growing and dynamic needs of our customers, our communities and our country. This platform has been built through a sustained focus on customer-centric delivery, striving to ensure that every subscriber gets as much value for their money as possible”.

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