MTN Nigeria Breaks Out to The Upside With Close at Highest Price Ever

MTN Nigeria (MTNN) stock has broken out to the upside with a closing price of N319.2 per share, the highest price since its listing on the NGX.

MTNN rose the maximum 9.99% in Thursday trading and now has a market capitalisation of N6.7 trillion.

The target price of MTN Nigeria was raised to N360 per share by Cardinal Stone Partners last month.

Cardinal Stone analysts say the adjustment in the revenue projection reflects the greater-than-anticipated impact of the increase in telecoms tariffs on the voice and data segments.

Notably, the tariff increase was announced in February and mostly implemented in the last two weeks of March 2025, indicating that the strong revenue growth of Q1’25 (+40.5% YoY) was only minimally driven by the price adjustment, with further support coming from growth in minutes of use and megabits per user.

“Ceteris paribus, we expect the impact of the tariff adjustment to be more pronounced in the coming financial results (i.e. Q2 onwards),” they said.

Cardinal Stone expects the full implementation of the 50% increase in tariff, combined with the relatively mild increase in data usage, to result in a 68.2% surge in data revenue by Full Year 2025.

MTN Nigeria posted a profit after tax (PAT) of N133.68 billion in March 2025, from a loss of N392.69 billion as at March 2024.

Get More of our proprietary news and analysis as MoneyCentral is now on WhatsApp Channels  Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!