nigeria stock market news, mtn NSE listing
The Nigeria Stock Exchange in Lagos

The Nigerian stock market had its highest gain since February 12 as its market capitalisation of equities rose by N1.874tn, Concise News reports.

This online news medium understands that this was a propelled by the listing of MTN Nigeria Communications Plc on the Nigerian Stock Exchange.

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The stock market began the week on a bad note with the NSE All-Share Index slumping by 98 basis points on Monday while the market capitalisation of equities fell to N10.701tn from N10.842tn on Friday the past week.

This continued on Tuesday and Wednesday as market sentiment stayed bearish.

However, on Thursday and Friday, the NSE ASI, , increased by 52bps and 153bps  respectively following MTN Nigeria’s listing.

MTN’s share price gained 21 per cent to close the week at N108.90 with a total bid of 262 million units (227 million units at N108.90 and 34 million units between N90.00 and N108).

According to the Nigerian Stock Exchange, a turnover of 1.172 billion shares valued at N17.887bn in 18,380 deals was traded last week by investors on the floor of the Exchange.

This was in contrast to a total of 1.477 billion shares valued at N10.876bn that exchanged hands the past week in 20,740 deals.

The financial services industry (measured by volume) led the activity chart with 680.592 million shares valued at N7.395bn traded in 11,035 deals, thus contributing 58.09 per cent and 41.34 per cent to the total equity turnover volume and value, in that order.