MTN Nigeria Hits N400 Per Share in Equities Market
MTN Nigeria Plc rallied in the equities market on Wednesday as the price surged to N400 per share for the first time since it became a publicly listed company.
The telecommunication company’s share price had plunged sharply before the latest market recovery, boosted by anticipation of earnings growth.
According to data from the Nigerian Exchange (NGX), the telecom company’s share price rose to N400, its fresh all-time high, after successively breaking out every line of resistance.
The price surge on Wednesday followed a huge volume of the telco stock traded at the Nigerian bourse. MTN Nigeria rose by N5 on the day as investors traded 1.905 million units for more than N790 million, suggesting a steep bargain hunting deals pull by local investors.
The price uptick has lifted the market value of MTN Nigeria Plc.’s 20.995 billion shares outstanding to N8.398 trillion at the end of the close session.
Stockbrokers explained that the telecom company has been gaining investors’ attention after it returned to profitability in the first quarter of 2025. MTN Nigeria is projected to build on the earnings recovery after the regulatory-approved tariff hike. #MTN Nigeria Hits N400 Per Share in Equities Market#
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