TheCable

MTN Nigeria has become the largest company by market capitalisation on the Nigerian Stock Exchange (NSE).

At the end of trading on Monday, MTN Nigeria’s shares closed at N138.70 per share bringing the company’s market capitalisation to N2.82 trillion as against Dangote Cement’s N2.81 trillion.

Shares belonging to Dangote Cement closed at N164.5 per share.

In May when MTN Nigeria listed on the NSE, the company’s market capitalisation was N1.3 trillion leaving N782 billion margin between Dangote Cement.

The All-Share Index inched 190.60 points to 27,115.89 compared with 26,925.29 achieved on Friday.

Also, the market capitalisation which opened at N13.121 trillion rose by N93 billion to close at N13.214 trillion.

Courteville Business Solutions recorded the highest price gain of 10%, to close at 22k per share.

UACN came second with a growth of 6.67% to close at N4.80, while FCMB Group appreciated by five per cent to close at N1.68 per share.

AIICO Insurance rose by 4.92 per cent to close at 64k, while Oando appreciated by 4.48% to close at N3.50 per share.

MTN’s listing on the NSE was part of negotiations with Nigerian authorities to reduce a fine of N5.3 trillion by the Nigerian Communications Commission (NCC) for misdeeds with sim card registrations by MTN.

It listed a total of 20,354,513,050 ordinary shares of MTN Nigeria at a listing price of N90.00 per share.

MTN Nigeria is the first telecommunications network provider to be listed on the NSE Premium Board.