MTN Shares Gain N98bn In Five Days.
The shares of MTN Nigeria Communication surged N98bn in last week of trading on the floor of the Nigerian Stock Exchange (NSE), moving from a market capitalisation of N3.362 trillion, and a share price of N165.20 per share to N3.460 trillion, indicating a gain of N98bn or 2.9 per cent growth.
The key highlight of the Telecom giant transactions was the opening of the shares at N165.20 and at a volume of 164, 959 shares and ending the week at N170 per share at a volume of N2.046 million. This market activity represents a 2.9 and 1,140 per cent increase in value and volume of shares respectively.
It traded at N165.00 per share at a volume of 4,112,708 on Tuesday, the same price at 13,410,602 million shares on Wednesday and N168.00 at 354,710 shares on Thursday.
Findings by Inside Business show that the outstanding shares of the mobile phone company currently stands at 20,354,513,050.
The surge in the shares of MTN may not be uncommon with the impressive showing of the telecom brand in its Q3 2020 Unaudited
Financial report for the period ended September 30th, 2020.
According to figures released by MTN, its revenue grew by 13.9 per cent to N976bn up from N857bn in the previous quarter.
The communication group also recorded a profit before tax of N211bn, representing a growth of 41.6 per cent.
This upward movement by MTN is amidst the recent ban on sale and registration of new sim cards by the telecom regulator, the Nigerian Communication Commission (NCC).
MTN currently leads the Nigerian telecom industry with a subscribers’ base of 82.022 621 million, representing 39.52 per cent of the market.
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