STOCK MARKET GAINS N1.9TN AS MTN LISTS 20.35 BILLION SHARES
The market capitalisation of equities listed on the Nigerian Stock Exchange rose by N1.90tn on Thursday after MTN Nigeria Communications Plc listed 20.35 billion shares on the Exchange. The stock market rose by 0.54 per cent at the close of trading, ending its eight-day losing streak.
The market capitalisation rose to N12.52tn on Thursday from N10.63tn on Wednesday, as the market capitalisation of MTN added N1.83tn to the market value of equities. The NSE admitted MTN on its Premium Board at N90 per share.
The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards. Currently, there are seven firms on the Premium Board, all of which were migrated, making MTN the first company to be listed directly to the Premium Board.
Stockbrokers at the Exchange stated that the shares of the company, in the first minute of the listing, rose by 10 per cent to N99. The National Council President, NSE, Otunba Abimbola Ogunbanjo, said, “We are particularly pleased that MTN Nigeria has joined the prestigious club of companies listed on our Premium Board with this landmark transaction, which will differentiate it as a professionally run telecommunications company with high standards, having met the NSE’s listing criteria.