MTN Nigeria's Arrival Transforms Fortunes of Lagos Stock Index
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Nigeria’s benchmark stock index has wiped out almost all of its 2019 losses -- thanks to the recent arrival of a new giant listing.
The main Lagos gauge was languishing 10% lower for the year on the eve of MTN Nigeria Communications Plc’s market debut on May 16. But a flood of investors seeking shares in the mobile carrier sent its stock surging by the daily limit of 10% for five days in a row, reducing the overall market’s decline since the start of January to just 1% as of Thursday.