South African telecom giant, MTN Nig Plc, has emerged as the most capitalized stock on the Nigerian Exchange Group (NGX), surpassing its close rival, Airtel Africa Plc by N63 billion to stand at N5.32 trillion.
Second to MTN is Airtel HAfrica Plc with a market capitalization of N5.26 trillion and Dangote Cement Plc with a market capitalization of N5.11 trillion.
MTN Nigeria Plc closed the week on a positive note, appreciating by 15% in share price week-on-week, from N227.50 to end the week at N261.60 per share. This increased the company’s market cap by a whooping N694 billion during the week. The company’s recorded gains in share price is attributed to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N694 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.
The buy-interests witnessed in the shares of MTNN positively influenced the company’s market capitalization from N4.63 trillion to N5.32 trillion at the end of the week’s trading activities.
The growth in the company’s market capitalization also influenced the NGX Premium Board Index, which the company’s shares trade under, as the index appreciated by 3.83% during the week from 5,097.38 points to 5,292.40 points.
The telecoms shares have gained 32.79% from year-to-date, starting the year at N197.00 and currently traded at N261.60. However, the company’s shares have returned about 63.50% gains for investors who bought them at their 52-week low trading price of N160 per share.
MTN Nigeria Plc released its Q1 2022 financial results revealing a profit of N97 billion. This reflects a whopping 31.28% increase compared to N74 million in the corresponding period of 2021. The company’s segments delivered a combined revenue of N470.98 billion in Q1 2022 compared to N385.32 billion in the same period of 2020.
MTN Nigeria Plc had declared a dividend of N8.57 kobo for FY 2021, which was paid on April 28, 2022, while Earnings per share for the Q1 2022 period is N4.76, a 31.49% growth from N3.62 in Q1 2021.