Thursday , July 25 2024
MTN Nigeria Trades Over 191 Million Shares in Three Months

MTN Nigeria Trades Over 191 Million Shares in Three Months

MTN Nigeria has traded a total volume of 191 million shares in 21,340 deal valued at N 43.7 billion, with an average of 3.03 million traded shares per session over the past three months (Mar 23 – Jun 24, 2022).

It was discovered that a volume high of 22.8 million was achieved on April 13th, and a low of 149,497 on April 25th, for the same period.

Recall, the company listed its public offer price at about N169/share when it made the offer public in December attracting over 126,000 Nigerians.

The closure of its Series 1 offer for sales of shares to the public, alloting 661.3 million shares to investors in a transaction that saw subscription exceed offer by 139.5 per cent.

The company made 575 million shares available and received a total application for 802 million units. It decided to allocate 86.25 million units more in addition to what it originally placed on offer.

Click Here To Read: MTN Public Offer Shareholders Gain N35 Billion in 6 Months

MTN began the year with a share price of N197.00 and has since gained 16.8% on that price valuation.

In total shares of the stock the company has gained a whopping N185 billion or 4.12% in one week

Investigation also shown that MTN Nigeria closed its last trading day (Friday, June 24, 2022) at N230.00 per share and N4.683 trillion in market capitalization on the Nigerian Stock Exchange (NGX).

In addition, investors in MTN’s Public Offer for Sale conducted in December 2021 have gained an estimated N35 billion since the offer closed last year.

The market sentiment for the segment which comprises two telecoms firms-MTN Nigeria Plc and Airtel Africa Plc has remained resilient in the face of the pandemic.

Telecom companies are currently taking advantage of the remote working which most companies have adopted following the COVID-19 pandemic to rake in gains from data subscriptions and voice calls.

Also Read: MTN Shares Oversubscribed by 139.47%

Most workers are leveraging the Internet for online education, teleworking, gaming and entertainment and there has been a rise in Internet traffic recorded by the Internet exchange point.

In the post COVID-19 era, telcos are expected to perform well as the world will be more connected and businesses better prepared for such calamities, says GlobalData, a leading data and analytics company.

Commenting on the development, the chief executive officer of the MTN, Ralph Mupita, said: “We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria.”

“With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.”

MTN Nigeria Communications Plc, established in February 2001, is the Nigerian subsidiary of the MTN Group – a telecommunications group operating in 22 countries across Africa and the Middle East. Since inception, MTN Nigeria has led the growth of the telecom industry to become the biggest mobile operator in the whole of West Africa.

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