MTN Nigeria Communications Plc for the second trading day appreciated by 10 per cent due to high demand for the equity on the Nigerian Stock Exchange (NSE).
The News Agency of Nigeria (NAN) reports that the stock on Friday led the gainers’ table with N9.90 to close at N108.90 per share, bringing its market capitalisation to N2.22 trillion.
MTN Nigeria on May 16 listed a total of 20.35 billion shares at N90 per share.
The stock at the first trading day rose by N9 to close at N99 per share.
Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the price rally to high demand of the stock on the nation’s bourse.
Mr Omordion said the high demand was presently causing problem at the exchange with a lot of investors scrambling to buy the company’s shares.
Consequently, the market capitalisation of the exchange inched N192 billion or 1.53 per cent to close at N12.718 trillion against N12.526 trillion achieved on Thursday.
Also, the All-Share Index which opened at 28,438.19 increased by 433.74 points or 1.53 per cent to close at 28,871.93.
Betaglass came second on the gainers’ table with a gain of 75k to close at N69.70, while Oando added 30k to close at N4.80 per share.
Union Bank of Nigeria rose by 15k to close at N7, while Cutix also grew by 15k to close at N1.80 per share.
Conversely, Mobil recorded the highest loss, dropping by N4 to close at N170 per share.
Forte Oil trailed with a loss of N3.15 to close at N28.35, while Guaranty Trust Bank dipped 40k to close at N30.60 per share.
Flour Mills dropped 15k to close at N15.70, while FCMB Group was also down by 15k to close at N1.55 per share.
In spite of the growth posted by market indices, the volume of shares traded closed lower as investors bought and sold 267.84 million shares worth N7.52 billion in 3,684 deals.
This was against 312.36 million shares valued at N2.81 billion exchanged in 3,933 deals on Thursday.
Transnational Corporation of Nigeria was the most active stock during the day, exchanging 58.59 million share worth N72.25 million.
MTN Nigeria followed with an account of 48.36 million shares valued at N5.53 billion, while Access Bank sold 27.42 million shares worth N178.47 million.
United Bank for Africa exchanged 19.39 million shares valued at N117.65 million, while Zenith Bank accounted for17.592million shares worth N344.38 million.