MTN's shares slumps at Stock Market - Welcome to Julia Blaise Blog


Tuesday, 19 July 2016

MTN's shares slumps at Stock Market

MTN Telecoms shares have fallen sharply in trading at the Johannesburg Stock Exchange after the mobile phone firm said it expected to report a loss for the first half of this year as it pays a record fine imposed by Nigeria for failing to disconnect unregistered Sim cards.

The shares of Africa's biggest mobile phone company dropped 2.5% at 11:25 local time, after earlier slumping by as much as 3.8%, the most in three weeks on a closing basis, Bloomberg news agency reports.

Last month, South African-owned MTN said it would pay Nigeria $1.7bn (£1.1bn), dropping legal action against  the Nigerian Communications Commission (NCC). 

It was originally fined $5.2bn by the NCC but the two sides settled on a lower amount.

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