Sequel to the approval-in-principle granted to the telecommunications company, MTN Nigeria Plc, to launch its payment service bank operation, MoMo PSB Limited, the shares of the company has appreciated by almost 14% in two days as investors sentiment strengthen in a positive way.

At the end of today’s trading session, MTN Nig Plc recorded a gain of 3.90%, which can be attributed to buy-interests in the shares of the company inducing a gain of N152.66 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of the telco advanced from N192.50 per share at the start of the trading day, to N200.00 per share representing an increase of 3.90% which in monetary terms is N7.50. The buy-interests witnessed in the shares of MTN Nig Plc positively influenced the company’s market capitalization from N3.92 trillion to N4.07 trillion at the end of today’s trading activities, taking the appreciation to N152.66 billion.

Share performance history

The shares of MTN Nig Plc have gained 17.72% from year-to-date, starting the year at N169.90 and currently traded at N200.00. However, the shares of the company have returned about 33.33% gains for investors who bought them at their 52-week low trading price of N150.00 per share.

During today’s trading hours, 5,375,047 ordinary shares of MTN Nig Plc worth about N1.08 billion, were exchanged in 331 executed deals.

In comparison, the shares of Airtel Africa Plc also appreciated by 2.56% to close at N880.00 at the end of today’s trading session.

What you should know

Last week, Airtel Africa and MTN Nigeria secured approval-in-principle to launch their respective payment service bank in Nigeria.

At the end of today’s trading activities, the NGX All-Share Index and Market capitalization appreciated by 2.93% from the previous trading day, to close at 43,246.87 index points and N22.57 trillion respectively.