JUST IN: MTN Nigeria Overtakes Dangote As Most Capitalised Stock On NSE
MTN Nigeria Plc (MTNN) has overtaken Dangote Cement Plc as the most capitalized stock on the Nigerian Stock Exchange (NSE), as the coronavirus continues to affect the stock market.
The development comes after Dangote market capitalisation fell from N2.21 trillion ($6.1 billion) to N1.99 trillion ($5.529 billion) on April 1.
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This follows an 11% fall in Dangote share price from 129.70 sustained in the last six days to N116.80.
MTN took the centrestage as its share price rebounded to N98.40 at the close of Wednesday trade on the local bourse.
THE WHISTLER had reported a fall in the company’s share price to N90 on March 30, a price at which it was listed in 2019.
The increase led to MTNN market cap. rising to N2.0 trillion (N5.564 billion0, thereby becoming the most capitalized company on the local bourse.
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The Coronavirus has hit hard on different sectors as the All share index at the time of filling the report on April 2 fell by 0.55% to 20,985.50 points.
Exchange rate at N360 per dollar.
