Telecos Gains N394 Billion In Market Value On ‘Santa Claus Rally’

Following the “Santa Claus Rally,” optimism on Nigerian Exchange Limited persisted, and throughout the course of the week’s trading, MTN Nigeria Plc and Airtel Africa Plc saw gains of 3.31%.

At the closing of trading on December 23, investors in the company had gained almost N394 billion due to the positive mood that had been seen on the shares of the telecom providers over the week.

Despite economic turbulence, the market attitude for the category, which consists of two telecom firms—MTN Nigeria Plc and Airtel Africa Plc—has remained stable.

Checks by Nairametrics showed Airtel closed its last trading day (Friday 22, December 2023) at N1,887.60 per share and N7.053 trillion in market capitalization on the Nigerian Stock Exchange (NGX) as against N1800 per share and N6.764 trillion in market capitalization the previous Friday, hence has earned a gain of N289 billion or 4.27 % week to date.

Also, MTN Nigeria shares rose to N250 per share or N5.248 trillion in market capitalization after the week’s trading from N245 per share or N5.143 trillion the previous week, hence has added N105 billion or 2.04% to the market capitalization.