MTN Nigeria, Most Valuable Company On NSE -Reports
It’s hardly been three months since the Nigerian division of South Africa’s MTN Group Ltd. finally listed on the Nigerian Stock Exchange, but it seems that listing was a good idea because MTN has quickly become the most valuable company on the exchange.
On Monday, 19th August, MTN Nigeria Communications Plc ended off the day with a market capitalization of USD 7.82 Bn, ultimately overtaking Dangote Cement Plc as the most valuable listed company on Nigeria’s stock exchange.
In May this year, when MTN Nigeria, the country’s leading cellular telecommunications company, listed on the NSE, it made its mark as the second most valuable company on the local stock market at the time
Though it had put up its shares for an initial price of USD 0.25, the South African firm saw an instant 10 percent rise in price. By the end of the first 16 minutes, MTN was worth USD 5.54 Bn, an amount that was only beat by Dangote Cement at the time.
That interesting start could be thought to have laid the foundation for what was to come in the very near future as MTN Nigeria has now taken Dangote Cement’s spot as the top-dog on the NSE Premium Board.