MTN offer oversubscribed by 139.5%

MTN Nigeria Plc has released the result of its series 1 offer for sale which was oversubscribed by 139.5 per cent for a total of 801.9m units. This led to the activation of the approved 15.0 per cent over-subscription clause of an additional 86.3m shares. In total, 661.3m shares were allotted.

Today, the local bourse extended its bullish momentum, rising to the highest level in over a decade, as the NGX-ASI advanced 1.0% to 47,111.21 points spurred by gains in SEPLAT (+10.0%), ZENITH (+5.0%), and MTNN (+2.5%). Thus, YTD return improved to 10.3% while market capitalisation increased ₦262.2bn to ₦25.4tn. Volume traded declined 21.6% to 341.5m units while value traded rose 7.3% to ₦3.7bn. 10.3% Bullish Sector Performance

Across our coverage sectors, performance was bullish as all indices advanced. The Oil & Gas and Banking indices led with a gain of 5.4% and 2.1% respectively driven by price appreciation in SEPLAT, CONOIL, ZENITH, and ACCESS. Trailing, the AFR-ICT and Insurance indices gained 1.2% and 0.8% respectively on account of buying interest in MTNN, COURTVILLE, CUSTODIAN, and MANSARD. Likewise, the Industrial and Consumer Goods indices hinged higher 0.4% and 0.2% respectively due to bargain hunting in WAPCO (+5.5%), INTBREW, and FLOURMILL (+1.1%).] Investor sentiment, as measured by market breadth, strengthened to 0.3x from 0.2x as 36 stocks gained, 21 lost while 109 were unchanged.