All Share Index Drops To 1.9%, As MTN Suffers First Share Price Fall

MTN Nigeria Communications Plc

MTN Nigeria Communications Plc on Friday witnessed its first share price drop since listing on the Nigerian Stock Exchange, NSE.

The NSE admitted MTN Nigeria on its Premium Board at N90 per share on Thursday last week after the company’s listing by way of introduction.

A listing by introduction provides existing shareholders with the opportunity to sell their shares to the public.

At the end of trading on the NSE, the company emerged fourth biggest loser with share price decline of 6.04 per cent (N9) to N140. The share price gained N59 in six days to close at N149 on Thursday, Ripples Nigeria reports.

Consequent upon this, All Share Index, ASI, dropped by 1.89 per cent to close at 30,881.29 basis points on Friday.

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Neimeth International Pharmaceuticals Plc led the 17 firms that recorded price depreciation, as against 21 gainers while market capitalisation of equities dropped by N263bn to N13.601tn.

MTN Nigeria had listed 20.4 billion shares at N90 per share to make it the second largest company listed on the NSE after Dangote Cement Plc.