The eight-day bearish trend at the stock market was halted Thursday, following the successful listing of MTN Nigeria Communications Plc's shares on the Nigerian Stock Exchange (NSE).
The listing of 20.4 billion shares of MTN at N90 per share lifted the market capitalisation of exchange by N1.8 trillion to close the day at N12.5 trillion. Similarly, the Nigerian Stock Exchange All-Share Index (NSE ASI), rose by 0.54 per cent to close at 28.438.19.
Commenting on the listing the Chief Executive Officer of NSE, Mr. Oscar Onyema, said: "We are delighted to welcome MTN Nigeria to the exchange. Today's listing is a promising development in the country's telecommunications sector and we encourage other players in the sector to explore the different opportunities in the capital markets for raising long term capital.
"As a listing platform of choice, today's listing will add to our bouquet of diverse investment offerings to the public. Having MTN Nigeria listed in our market is a testament of the exchange's commitment to building a dynamic and inclusive market and creating channels for sustainable investment.
"This listing will promote liquidity for MTN Nigeria, enhance its value and increase transparency, as our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development."
Speaking on the listing and MTN's performance, Chief Executive Officer of the company, Mr. Ferdi Moolman, said: "We have evolved from an ambitious start-up at the genesis of a new and emerging industry, to a business that is able to touch lives in every corner of Nigeria.
"We have established a sustainable platform for growth, from which we are able to meet the growing and dynamic needs of our customers, our communities and our country. This platform has been built through a sustained focus on customer-centric delivery, striving to ensure that every subscriber gets as much value for their money as possible.
"We are grateful to customers for their loyalty, and to our people, our partners and our regulators for the opportunity to continue to contribute to Nigeria's growth story. We are only beginning to tap into the opportunities that connectivity enables and are fully focused on investing to connect every Nigerian, and to make social innovations like mobile electricity and high impact mobile solutions in education, healthcare and agriculture available in communities everywhere."