16th May 2019

On the Bid Cart: MTNN listed on the Nigerian Stock Exchange after a long wait and pressure to list. The stock was listen by introduction at N 90.00 but closed limit up (+10.00%) at N 99.00 in it's first session of trading. The Telecoms stock was on full bid (187+ million units on demand) by the close of market. Analysts expect MTNN to continue to gain for the next couple of sessions before investors begin to take profit on the stock. It is now the second largest stock on the exchange by weighting behind cement maker DANGCEM.

On the Offer Cart: DANGCEM shed 112bps today to lead the offer cart and settle at N 176.00. The bell-weather of the exchange is now trading only 4% above its year low after recording it's ninth session of losses. The stock has declined 7% YTD vs. 15% for the Industrial Goods sector and is 30% below its consensus target price. The NSE ASI has had a strong correlation to the movement of DANGCEM, however, this correlation will be rivaled by the newly listed MTNN which is now the second most capitalized stock on the exchange.

Reporting for EasyKobo on Thursday , 16 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited