The Nigerian stock market advanced by 3.07percent at the close of trading on Wednesday May 22 as more investors rushed to buy the shares of Dangote Cement Plc. Dangote Cement rallied most on Custom Street despite that a record upfront demand and negotiated deals pushed higher the share price of MTN Nigeria Communications Plc.
The shares of Nigerian Stock Exchange (NSE) most capitalised company –Dangote Cement Plc rallied to the topmost position on the price gainers table. It gained N18 or 9.73percent, from N185 to N203 at the close of trading.
Meanwhile, the share price of MTN Nigeria Communications Plc increased to N144.85 as at 10:35am on Wednesday May 22, 2019 from N131.7 recorded on Tuesday. The share price increased by N13.15 or 9.98 percent which represents its daily allowable limit. MTNN stock gained a total of N270billion on Wednesday.
The value of Nigeria’s listed equities increased to N13.717trillion from preceding day low of N13.3trillion, which implies an increase of about N408billion.
At the current market price, Dangote Cement is valued at N3.459trillion while the cumulative value (market cap) of MTNN is now N2.950trillion. It implies that MTNN will need to advance by at least N506billion to catch up with Dangote Cement.
The All Share Index (ASI) rose from 30,254.89points to 31,145.15 points. In 4,835 deals, dealers exchanged 294,572,910 units valued at N17.468billion.
On the losers table, Nestle Nigeria Plc led the pack after its share price declined from N1430 to N1320, losing N110 or 7.69percent; followed by Ecobank Transnational Incorporated Plc which was down from N10 to N9.15, after losing 85kobo or 8.50percent.
MTNN, Zenith Bank Plc, UBA Plc, Access Bank Plc, and GTBank Plc were actively traded stocks on the Nigerian Bourse. Investors exchanged 93,722,710 units of MTNN valued at N13.575billion.
MTNN stock price has risen by N54.9 or 60.9percent in just five days after its listing by introduction on the Nigerian Stock Exchange (NSE). As at May 16, stock dealers exchanged 5.541million units of MTN Nigeria shares at N99 per share. On May 17, they exchanged 32.098units at N108.90 per share.
On May 20, 51.4million units were exchanged at N119.75 per share; while on May 21, stock dealers exchanged at N131.70per share, 110.7million units of MTN Nigeria Communications Plc.
The stock has the potential to continue its upward trend amid the Nigerian Stock Exchange (NSE) confirming that significant issues have been raised that Dealing Members who have not been involved in the cross deals have been unable to trade on behalf of their clients.
MTN Nigeria listed by introduction its 20.35billion shares at N90 per share. The stock was listed on the Premium Board. The listing by introduction means that the existing shares of MTN Group (78.8percent), the Nigerian investors (19.4percent); and other investors (1.8percent) are listed.