MTN, Legend Internet decline as Omatek extends gains

Nigeria’s technology and telecommunications stocks experienced varied outcomes on Tuesday, with some stocks underperforming while others maintained or expanded their recent gains. This followed Monday’s record-breaking performance of the NGX All-Share Index, which surpassed the 250,000-point milestone and closed at 250,156.80 points.

Among the stocks monitored, MTN Nigeria and Legend Internet experienced the most significant declines. MTN Nigeria Communications Plc dropped 4.49% to close at N850, while Legend Internet Plc experienced a sharper 5.56% decrease to N3.40. Conversely, Omatek Ventures Plc extended its recent rebound, surging 2.27% to N1.35. Despite these movements, all three stocks remain below their 52-week high.

MTN Nigeria’s latest close is below its 52-week high of N915 and above its 52-week low of N414.10. Legend Internet’s latest price matches its 52-week low, while Omatek remains below its 52-week high of N3.50. Airtel Africa Plc and CWG Plc remained unchanged at N6,300 and N18.15, respectively. eTranzact International Plc and NCR Nigeria Plc saw slight declines, falling 0.79% to N12.60 and remaining unchanged at N161.20, respectively.

This mixed performance follows a strong week for Nigerian equities, with the NGX All-Share Index gaining 2.78% in the week ended September 18 and market capitalization rising 2.90% to N162.16 trillion.