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Business News

Alert: MTN’s 20.3bn Shares to start trading this week

Nigeria’s telecom giant, MTN, is set to be officially introduced on the Nigerian Stock Exchange on Thursday as all relevant processes have now been completed.

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MTN Nigeria, NCC

Nigeria’s telecom giant, MTN Nigeria, is set to be officially introduced on the Nigerian Stock Exchange come Thursday, May 16th, as all relevant processes have been completed.

Sources within the NSE and MTN reportedly disclosed that the telecom operator’s 20.3bn shares will, indeed, start trading this week. Some of the sources were quoted to have said the following:

‘’Yes, I can confirm that we are listing this Thursday.’’– MTN Source

“All I can say is that Nigerian investors will start trading in MTN sometime this week’’– NSE Source

Nairametrics had earlier reported that the company successfully completed the registration of 20.345 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). Also, commenting on the successful registration, MTN Nigeria‘s CEO, Ferdi Moolman, described the development as a milestone in the company’s listing process.

“I AM EXCITED WE HAVE ACHIEVED ANOTHER MILESTONE IN OUR LISTING PROCESS, AND WE WANT TO THANK THE SEC AND THE CORPORATE AFFAIRS COMMISSION (CAC) FOR SUPPORTING US THROUGH THE PROCESS. WE HAVE NOW BEGUN TO ENGAGE WITH THE NSE TO COMPLETE THE LISTING PROCESS.”-MOOLMAN

MTN’s Q1 report shows growth in revenue  – The news of MTN Nigeria‘s NSE debut is coming after the release of its first quarter 2019 report, which indicated that the company recorded steady growth during the period under review.

Specifically, the Q1 report shows that MTN Group‘s biggest market (i.e., MTN Nigeria), recorded a 13.4% increase in service revenue, year on year. Also, the subsidiary’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins also increased by 53.3%.

Upshots – Since the release of the Q1 report, investors have been eagerly anticipating the official commencement of MTN‘s shares trading. Basically, the announcement of steady growth in MTN Nigeria‘s revenue is expected to boost investors’ confidence to buy MTN’s shares with expectations of high dividends payable to shareholders. Similarly, stock brokerage firms should equally be on the line to earn significant fees from the volumes of trade this could provide.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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    Business

    FG explains why Lagos-Ibadan rail line was not linked to the sea

    The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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    FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

    The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

    The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

    According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

    The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

    The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

    Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

    The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

    He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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    In case you missed it

    It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

    This is because other minor and major stations along that route were yet to be completed.

     

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    Manufacturing

    Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

    The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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    Manufacturing: Activity levels pick up albeit readings still below water

    The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

    At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

    When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

    READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

    What you should know

    The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

    The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

    The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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    MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

    GAINER

    • MEYER up by19.51% to close at N0.49.

    LOSER

    • WAPCO down by -3.00% to close at N21.00.
    • BUACEMENT down by -1.09% to close at N72.70.

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