MTN shares hit three-months high amidst fear of reprisal attacks

MTN Nigeria shares recorded a three -month leap on Friday after the partial opening of the telecoms offices nationwide after a shutdown due to reprisal attacks on South African owned businesses as a result of xenophobic attacks on Nigerians in the country.






     

     

    According to Rueters, shares in MTN, Nigeria’s second-biggest listed firm, rose  5.03 per cent to 139.80 naira each, a level last seen in June. Johannesburg-listed Shoprite shares were up 1.8 percent.

    The violence in South Africa has strained relations between Africa’s two biggest economies as Nigeria has taken moves to repatriate her citizens.

    MTN Nigeria said its stores remained closed on Friday but skeletal office operations were resuming, its spokesman said, adding that staff were asked to stay at home for safety reasons.

    Prior to the shutdown, the telecoms firm last week launched a mobile money transfer service, targeting Nigerians without bank accounts, and said it planned to become a payment services bank once it obtains approval from the apex bank.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement