The Nigerian Communications Commission (NCC) has authorized the technology company MTN Nigeria Communications Plc to purchase 2.6GHz spectrum.
According to a statement released by MTN yesterday and posted on the Nigerian Stock Exchange, the license for the 2.6GHz spectrum is valid for 10 years, beginning on September 7, 2023, and ending on April 16, 2033, at which point it may be renewed. The statement was signed by the company secretary, Uto Ukpanah.
The telecommunications company stated that the NCC had approved the transfer and assignment of the 10MHz frequency division duplex (FDD) in the 2.6GHz spectrum band to it from OpenSkys Services Limited. The spectrum would allow the telecom giant to “improve network capacity and customer experience,” according to the telecommunications company.
The acquisition of the additional 10MHz FDD in the 2.6GHz spectrum band is a significant step in the implementation of our Ambition 2025 goal, according to MTN Nigeria’s Chief Executive Officer, Karl Toriola. With this spectrum, MTN Nigeria will be able to expand its network capacity more effectively and advance its sustainable aims.
“Not only will it help to support the growing demand for data in the country, but will improve the overall Internet experience in line with our commitment to delivering quality service to our customers. Importantly, this also aligns with our ongoing support of the Federal Government’s plan to deepen broadband penetration in Nigeria.”
As a result of profit-taking in 44 stocks including Nestle Nigeria Plc, the Nigerian stock market’s trading yesterday continued to be bearish, resulting in a N294 billion decline in market capitalization.
To be more precise, the All-Share Index dropped by 535.98 points, or 0.80%, to finish at 66,760.20. Market value decreased by N294 billion to N36.538 trillion at the close.
Price declines of major and medium capitalized equities, including those belonging to Nestle Nigeria, Dangote Sugar Refinery, NASCON Allied Industries, MTN Nigeria Communications (MTNN), and Nigerian Exchange Group, were the main cause of the slump.
Market mood was down as indicated by market breadth, with 16 equities rising relative to 45 declining ones. The top price gainers were Chellaram and CWG, which each saw their prices rise by 10% to close at N3.19 kobo and N6.93 kobo, respectively. Vitafoam Nigeria came in second with a gain of 9.78% to settle at N24.70 kobo.
Wema Bank increased by 8.94% to close at N5.12 kobo, while Oando increased by 9.47% to close at N9.25. On the other hand, eTranzact International and Regency Alliance Insurance were among the biggest losers, falling 10% each to close at N8.10 and 36 kobo, respectively. NASCON Allied Industries and Dangote Sugar Refinery were next, falling 9.96% each to close at N47.00 and N52.00, respectively.
University Press lost 9.77% to close at N2.31 kobo, while Unity Bank lost 9.92% to close at N1.09 kobo.
645.541 million units were traded in 10,554 transactions for a value of N11.014 billion, a 24.11 percent increase in overall trade volume.
Transnational Corporation (Transcorp) shares were the most actively traded, with 87.824 million shares changing hands for N491.690 million. Access Holdings traded 69.448 million shares for N1.052 billion, while United Bank of Africa (UBA) traded 75.849 million shares worth N1.036 billion.
Guaranty Trust Holding Company (GTCO) traded 39.709 million shares worth N1.326 billion, while Fidelity Bank traded 48.323 million shares worth N387.343 million.