MTN Nigeria Hits N2.21tr as Investors Rush for Shares

MTN Nigeria Communications Plc has risen by the maximum daily allowable price gain of 10 per cent by mid day trading at the Nigerian Stock Exchange ( NSE ), chalking up a whooping N201. 47 billion capital gains in second day of trading at the stock market.

MTN Nigeria on Thursday listed by way of introduction 20.35 billion ordinary shares at N90 per share.

The Nation’s check indicated that MTN Nigeria share price, which rose by 10 per cent or N9 on Thursday, has also risen by the same maximum percentage , adding N9.90 to close now at N108.9 per share.

Total unmatched demand for the telco exceeded 220 million shares as investors scrambled for the shares.

With the ongoing rally, MTN Nigeria has gained N384. 62 billion in two days, pushing its market value from initial listing value of N1.83 trillion to N2.22 trillion.