MTN Nig Plc, has emerged as the most capitalsed stock on the Nigerian Exchange Group (NGX), surpassing its industry peer, Airtel Africa Plc by N63 billion to stand at N5.32 trillion.
Hence, Airtel Africa Plc with a market capitalisation of N5.26 trillion and Dangote Cement Plc with a market capitalisation of N5.11 trillion, have emerged as the second and third most capitalised stocks on The Exchange, respectively.
MTN Nigeria Plc closed the week on a positive note, appreciating by 15% in share price week-on-week, from N227.50 to end the week at N261.60 per share. This increased the company’s market cap by a whooping N694 billion during the week.
The company Plc recorded gains in share price, attributable to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N694 billion in market capitalisation at the close of trading activities on the Nigerian Stock Exchange.
The buy-interests witnessed in the shares of MTNN positively influenced the company’s market capitalisation from N4.63 trillion to N5.32 trillion at the end of the week’s trading activities. The growth in the company’s market capitalisation also influenced the NGX Premium Board Index, which the company’s shares trade under, as the index appreciated by 3.83 per cent during the week from 5,097.38 points to 5,292.40 points.
The telecoms shares have gained 32.79 per cent from year-to-date, starting the year at N197.00 and currently traded at N261.60.
However, the company’s shares have returned about 63.50 per cent gains for investors who bought them at their 52-week low trading price of N160 per share.
MTN Nigeria Plc released its Q1 2022 financial results revealing a profit of N97 billion. This reflects a whopping 31.28 per cent increase compared to N74 million in the corresponding period of 2021.
The company’s segments delivered a combined revenue of N470.98 billion in Q1 2022 compared to N385.32 billion in the same period of 2020. MTN Nigeria Plc had declared a dividend of N8.57 kobo for FY 2021, which was paid on April 28, 2022, while Earnings per share for the Q1 2022 period is N4.76, a 31.49 per cent growth from N3.62 in Q1 2021.