By Ayomide Otitoju
MTN Nigeria Plc saw an uptick in the equities market on Monday as investors increased their positions ahead of the company’s fourth-quarter 2024 earnings report. Data from the Nigerian Exchange (NGX) revealed that the telecom stock rose by 1.24% to close at N253.1, with over 2.8 million shares traded.
The positive price movement pushed MTN Nigeria’s market valuation to N5.313 trillion, as investors anticipate its earnings release. Despite recent financial headwinds, including significant U.S. dollar-denominated liabilities, a recent tariff hike has improved the company’s earnings outlook. Additionally, ongoing deal renegotiations are expected to mitigate foreign exchange losses.
MTN Nigeria’s stock has gained 25% in January, driven by sustained bargain hunting from investors seeking value in the local exchange.
