Home BUSINESS Technology MTN Sells Share To Nigerians, Beginning Tomorrow, December 1

MTN Sells Share To Nigerians, Beginning Tomorrow, December 1

MTN Nigeria Communications Plc, has said that the public offer, for the sale of up to 575 million shares, to retail investors will be priced at ₦169.00 per share.

According to the giant network,bthe Offer will open at 8:00 am on December 1st, 2021 and close at 5:00 pm on December 14th, 2021.

It said that the minimum subscription is 20 shares and lots of 20 shares thereafter.

Also, 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 after the allotment date.

Meanwhile the local bourse extended its bearish performance driven by sell pressure on GTCO (-1.4%), ZENITH (-1.0%), and DANGSUGAR (-1.2%), as the benchmark index shed 5bps to 43,248.05 points. Consequently, YTD return moderated to 7.4% while market capitalisation shed ₦11.9bn to ₦22.6tn. Trading activity improved as volume and value traded rose 5.5% and 57.2% respectively to 224.9m units and ₦3.7bn. ACCESS (42.2m units), ZENITH (39.0m units), and FBNH (16.9m units) led activity by volume while ZENITH (₦935.4m), NESTLE (₦916.1m), and GTCO (₦414.0m) led by value.
Across the sector coverage, performance was mixed as 3 indices lost, 2 indices gained, while the AFR-ICT index closed flat. The Insurance and Banking indices were the only gainers, up 1.6% and 0.3% respectively on account of buying interest in AIICO (+9.2%), WAPIC (+4.2%), ACCESS (+4.4%), and ETI (+3.7%). Conversely, the Oil & Gas index lost the most, down 0.4% due to sustained sell pressure on OANDO (-2.0%). Trailing, the Consumer and Industrial Goods indices fell 21bps and 4bps respectively due to price depreciation in DANGSUGAR (-1.2%), GUINNESS (-0.8%), and WAPCO (-0.6%).

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Investor sentiment, as measured by market breadth (advance/decline ratio), waned to 0.5x from 0.6x as 11 stocks advanced while 24 stocks declined. AIICO (+9.2%), ACCESS (+4.4%), and WAPIC (+4.2%) led gainers while UPDCREIT (-9.9%), IKEJAHOTEL (-9.6%), and UPDC (-9.3%) led decliners. In the next trading session, we expect the bearish performance to continue in the absence of any positive catalyst.

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