MTN Nigeria has displaced Dangote Cement as the most capitalised company in Nigeria. This comes just three months after MTN listed its shares on the Nigerian Stock Exchange.
With a value gap of over N782 billion between it and MTN Nigeria, Dangote Cement had consistently held the position on the NSE as the most capitalised market in the country.
MTN Nigeria bridged the gap in the early trading hours on Monday on the Lagos bourse. The telco company’s stock gained 2.74 per cent to become N138.70 thereby bringing its market value to N2.82 trillion as against Dangote Cement’s 2.81 trillion.
This increase in stock performance was calculated from the index announcement date to the date of official inclusion.
MTN is soon to be included into the Morgan Stanley Capital International (MSCI) Frontier Markets Index. According to an analysis on the impact of inclusion into the MSCI Frontier Markets Index on stock prices, it was found that stocks added to the Index managed to outperform their local index by 4.1% on average.
The imminent inclusion of MTN into the Market Index is an incentive for the continued rallying of its shares. MTN only recently declared an interim dividend payment of N2.95 per share to its shareholders. As a result, MTN led the gainers table with N2 to close at N127 per share.
At the moment, the telecommunication company’s stock is at N138.70 per share showing appreciable growth.
With MTN’s imminent inclusion into the MSCI Markets, its recent stock gain of 2.74% and its current position as Nigeria’s most capitalised company, the telecommunication company is on the part for more growth especially with its new line of fintech services.
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