Value of MTN’s Shares Drop After Xenophobic Violence

The market capitalization of shares belonging to MTN Nigeria on the Nigerian Stock Exchange dropped by N30.5 billion at the end of the trading on Wednesday.

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MTN’s shares, which opened at N140 per share, lost N1.50 to close at N138.50.

The telecommunications company, which is Nigeria’s largest, announced in a statement on Wednesday that all its offices and service centers will be closed till further notice to avoid reprisal attacks on its facilities.

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There have been attacks and demonstrations at MTN offices to protest violence being carried out against Nigerians living in South Africa.

In total, the market capitalization which opened at N13.420 trillion lost N130 billion to close at N13.290 trillion.

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In the same vein, the all-share index (ASI) dipped 267.15 points to 27,319.64 compared with 27,586.79 achieved on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, among which are Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.

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At the close of trading, there were 10 gainers against 18 losers.

Source: The Cable