At the end of yesterday’s trading session, MTNN Plc share price, at the secondary market closed at N174.5 per share, crossing N169, the price of the shares on offer.
This comes after a decline in the share price was witnessed for two consecutive trading days as shareholders initiated a sell-off, possibly to take positions with their profit on the shares on offer.
In turn, we saw investors take advantage of the price at N167 per share on Wednesday and Thursday, hence the share price appreciated to N174.50.
Recall that, MTNN has 575 million shares on offer for a fixed price of N169 per share which comes with an incentive of 1 free share per 20 shares.
The incentive though is subject to the shareholders’ will to hold the shares for 12 months from the date of purchase.
The disclosure which was released on November 30, 2021, stated, “The offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”
Stock performance summary
The rally witnessed in the shares of MTNN Plc influenced the company’s market capitalization positively to move from N3.40 trillion to N3.55 trillion at the end of today’s trading activities, taking the gain to N152.66 billion.
The shares of MTNN Plc have advanced by 2.71% from year to date, starting the year at N169.90 and currently trading at N174.50. However, the shares of the company have returned about 12.58% gains for investors who bought them at their 52-week low trading price of N155.00 per share.