MTN Nigeria Communications Plc (MTNN) reached a new zenith, closing at an all-time high of ₦605.00 per share on January 13, 2026, on massive volume, in another bullish trading session on the Nigerian Exchange (NGX).
The rally was backed by institutional conviction, with trading volume surging to five times its 30-day daily average, signaling a massive re-rating of the telecom giant.
Total trading volume for MTNN was 10.846 million shares about 5-times its 30-Day average volume of 1.908 million shares, data compiled by MoneyCentral shows.
Market Dynamics: The “Flight to Quality”
The surge in volume indicates that “Big Money” is moving into defensive, high-yield blue chips.
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Dividend Yield: At ₦605, the stock still offers an attractive forward dividend yield, especially as the company navigates the FX volatility that plagued its 2024 earnings.
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Institutional Loading: Tier-1 pension fund administrators (PFAs) and foreign portfolio investors are reportedly the primary buyers, viewing MTN as a primary beneficiary of Nigeria’s digital economy roadmap.
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NGX Index Impact: As one of the most capitalized stocks on the NGX, MTN’s rally is helping push the NGX total market capitalisation towards the N110 trillion level.
Technical Outlook
The stock broke through its previous resistance of ₦580 with ease. Technical analysts suggest that the high-volume breakout confirms a “bullish flag” pattern, with some setting a new short-term target of ₦650.
MTN Nigeria stock is already up 18.4% year-to-date (YTD), outperforming the NGX which has gained 6.57% in the same time period. MTNN Market capitalsation stood at N12.7 trillion.
In November 2025, MTN Nigeria Communication Plc’s (MTNN) share target price was raised to N699.42 per share by Cardinal Stone Partners, following the release of its 9Months 2025 earnings.
The upwards price revision underscores MTNN’s firm grip on the data market and its ability to sustain growth despite challenging conditions, according to Cardinal Stone.
MTN Nigeria recorded a 20.8% year-on-year (YoY) surge in average data usage in 9M, 2025 despite the 40% increase in data prices.
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