Nigerian technology and telecommunications stocks posted mixed performances on Tuesday with some major stocks coming under pressure, while others held steady or extended recent gains.
MTN Nigeria’s Sharp Decline After Strong Rally
MTN Nigeria Communications Plc dropped 4.49% on Tuesday, closing at N850 per share, down from N890 the previous day. The stock opened at N890, traded as low as N850, and as high as N861.10, with 4.67 million shares changing hands valued at N4.02 billion.
This decline followed a robust 9.20% gain on Friday, where the stock rose from N815 to N890. Despite Tuesday’s pullback, MTN remains significantly above its 52-week low of N414.10, though it fell below its 52-week high of N915.
Legend Internet Hits 52-Week Low
Legend Internet Plc experienced the steepest percentage drop among tracked stocks, falling 5.56% to N3.40 from N3.60. The stock opened at N3.60, traded between N3.50 and N3.40, and closed at the 52-week low.
Trading volume for Legend Internet reached 1.79 million shares, valued at N6.18 million. The company’s financials show the pressure: profit for the year ended July 2026 fell 90.73% to N13.21 million, while revenue declined 7.44% to N1.10 billion. Borrowings rose to N1.14 billion from N75.23 million a year earlier.
Omatek Extends Recent Gains
Omatek Ventures Plc rose 2.27% to N1.35 on Tuesday, extending its rebound from the previous day’s 10% gain. The stock traded between N1.32 and N1.35, with 2.08 million shares worth N2.77 million changing hands.
The upward movement followed a 12.41% drop during the week, where Omatek fell from N1.40 to N1.20. The recent gains represent a 12.5% increase from Friday’s N1.20 level. However, the stock remains below its 52-week high of N3.50.
Other stocks in the sector showed varied movements. Airtel Africa Plc held steady at N6,300, matching its 52-week high, with 17,237 shares in volume and transactions valued at N105.34 million. CWG Plc similarly held at N18.15, with 1.26 million shares changing hands in transactions valued at N23.17 million. eTranzact International Plc declined 0.79% to N12.60 from N12.70, with 1.51 million shares traded at a value of N19.75 million. NCR Nigeria Plc was flat at N161.20, with trading relatively light at 1,109 shares worth N162,477.70.
The mixed performance comes after a strong week for Nigerian equities. The NGX All-Share Index gained 2.78% in the week ended September 18, pushing market capitalization to a record N162.16 trillion. The ICT sector recorded N21.54 billion in turnover, ranking third among industries.
The Nigerian Exchange (NGX) All-Share Index crossed the 250,000-point milestone on Monday, gaining 0.14% to close at 250,156.80 points.