Second day after listing on the Nigerian Stock Exchange (NSE), share price of MTN Nigeria Plc hit N108.99 per share on Friday, up from the N99.0 on Thursday, netting 10 percent maximum gain driven by strong bids in excess of 263 million against very few offers.
There has been intense scramble for the shares since Thursday, May 16, 2019 after the equity was admitted on the NSE Premium Board at N90.0 per share.
Using his twitter handle @StockmanNigeria, a stock market analyst twetted on Friday that holders of the premium stock were targeting N300.0 sale price per share before they would put on offer part of 30 million units in their custody.
According to the analyst, the 30 million units of MTNN shares belong to about six clients of his who are unwilling to sell the stock below target.
“We have close to 30million units of #MTNN, Owned by just 6 clients.
They are yet to give us mandate to trade it. They are targeting to sell part of it at N300/share at least.
#MTNN is on fire,” @StockmanNigeria twetted.
The stock had added over N2trillion to the NSE equity capitalisation which jumped to N12.505 trillion as at close of trading after MTNN listing on Thursday.
At N2.015trillion, MTNN market capitalisation is second highest after Dangote Cement Plc with N2.999trillion, leaving Nestle Plc on third position with N1.33trilloon in market capitalisation.
However, analysts say that the MTNN may dethrone Dangote Cement to the second position on NSE Market Capitalisation table in few weeks given the huge demand for the stock which has suffered dearth of offers.
If the stock price hits N300 per unit, its market capitalisation would have jumped well over N3trillion, relegating Dangote Cement to trail behind.
No comments:
Post a Comment