May 17, 2019 / 9:32 AM / a month ago

MTN Nigeria quoted up 10% in pre-market bids after debut $6.5 bln listing

The board of MTN Nigeria Communications PLC joins officials of the Nigerian Stock Exchange to ring the bell to mark the start of trading of MTN shares, in Lagos, Nigeria May 16, 2019. REUTERS/Temilade Adelaja

ABUJA (Reuters) - MTN Nigeria shares rose another 10% to 108.90 naira in pre-market bids on Friday after its debut $6.5 billion stock market listing on the Lagos bourse.

Nigeria’s biggest telecoms firm, owned by South Africa’s MTN Group, listed in Lagos on Thursday in a flotation that made it the second-largest company on the exchange by market value after Dangote Cement.

A total of 150,000 bid orders had been placed for the stock by 0847 GMT. The shares, which listed at 90 naira, closed 10% higher at 99 naira on Thursday.

Reporting by Chijioke Ohuocha; Editing by Jan Harvey

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