Three months after listing on the Nigerian Stock Exchange (NSE). MTN Nigeria has bridged the over N782 billion value gap with Dangote cement to become Nigeria’s largest company by market capitalisation.
The telecommunication company’s stock gained 2.74 percent to N138.70 in early trading Monday on the Lagos bourse bringing its value to N2.82 trillion as against Dangote Cement’s N2.81 trillion.
“It’s an interesting race to watch out for “, Gbolahan Ologunro, an equity reserach analyst at Lagos-based Investment House, CSL Brokers told BusinessDay. “Unlike what we had in the past when the most capitalized stock was held by Dangote Cement, both stocks would now rotate the title”.
MTN’s shares have continued to rally on the telco’s inclusion into the Morgan Stanley Capital International (MSCI) Frontier Markets Index and after it interim dividend payment of N2.95 per share.