MTN Nigeria has emerged the second-biggest trading company on the Nigerian Stock Exchange with its shares jumping 10% to N 99 naira, from the listing price of N 90.
On its first trading day, it took just 16 minutes for the group’s stock to jump 10% to 99 naira, from the listing price of 90 naira, which is the maximum possible move under Nigerian Stock Exchange rules, according to Bloomberg.
That values the telco at about two trillion naira ($5.6 billion), making MTN Nigeria the second-biggest company on the NSE, after Dangote Cement and pushing Nestle Nigeria into third place.
The company’s stock only traded for a short time on the bourse because a lengthy ceremony and speeches reportedly delayed the start of trade to 2:14pm local time, leaving only a brief window before the market closed for the day at 2:30pm.
The telco’s stock on the Johannesburg Stock Exchange (JSE) ticked up 1.14% yesterday on the back of the Nigeria listing, closing trade at R100.65 per