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Xenophobia: MTN’s shares fall by N30.5bn on NSE

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The value of MTN Nigeria’s share price dipped at the Nigerian Stock Exchange (NSE) on Wednesday amidst xenophobia reprisals, which has incited social media calls for a boycott and reported violent reprisal attacks on South African companies in Nigeria.

According to reports, the market capitalisation of shares belonging to MTN Nigeria on the NSE dropped by N30.5 billion at the end of the trading on Wednesday.

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

Recall that TheNewsGuru, TNG yesterday reported that the telecommunications giant, announced in a statement on Wednesday that all its offices and service centres will be closed till further notice to avoid reprisal attacks on its facilities.

There have been a nationwide violent protest at MTN offices over attacks Nigerians living in South Africa.

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

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 capitalised stocks, among which are Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.

Thirteen gainers were recorded on Wednesday, led by UACN Plc, UACN Property Development Company Plc, Africa Prudential Plc, Linkage Assurance Plc and International Breweries.

Guinness, Ikeja Hotel Plc, Forte Oil, UPD Real Estate Investment Trust Fund and Eterna Plc led 19 decliners.

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