MTN’s 16-minute wild ride in Nigeria
Stock jumps 10% on Nigeria Stock Exchange
Lagos — MTN Group has been promising to list its Nigerian business on the Lagos stock exchange for almost three years, yet it took just 16 minutes for the mobile-phone giant to cause a sensation. After a lengthy ceremony of speeches, congratulations and rounds of applause delayed the start of trading for more than half an hour, it looked as though MTN Nigeria Communications may not trade at all with the market due to close for the day at 2.30 pm. The listing finally took place at 2.14 pm local time, leaving only a brief window before traders knocked off for the day. The reaction was instant. The stock jumped 10% to 99 naira from the listing price announced the previous day — the maximum possible move under Nigeria Stock Exchange rules. That values the wireless carrier at 2-trillion naira ($5.6bn), making MTN Nigeria the second-biggest company on the NSE. The All-Share index acted accordingly, turning a loss for the day into a slight gain. The reverse was significant because Nigeri...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.