The market capitalisation of equities listed on the Nigerian Stock market increased by N1.90tn after MTN Nigeria Communications Plc listed 20.35 billion shares on the Exchange.
The stock market rose by 0.54 per cent at the close of trading, ending its eight-day losing streak.
The NSE admitted MTN on its Premium Board at N90 per share.
The Premium Board is the listing segment for the elite group of issuers that meet the Exchange’s most stringent corporate governance and listing standards.
Currently, there are seven firms on the Premium Board, all of which were migrated, making MTN the first company to be listed directly to the Premium Board.
Stockbrokers at the Exchange stated that the shares of the company, in the first minute of the listing, rose by 10 per cent to N99.
The Chief Executive Officer, NSE, Oscar Onyema, described the listing as a promising development in the country’s telecommunications sector.
