MTN Nigeria Stocks Fluctuate Amidst Xenophobia Attacks Nigeria

MTN Nigeria’s share price is currently fluctuating on the Nigerian Stock Exchange (NSE) due to xenophobia related attacks in Nigeria, prompting calls for a social media boycott and reports of violent retaliation attacks against South African companies in Nigeria.

Opening on Tuesday with a share price of ₦138.5 ($0.38), MTN gained 1.08% to finish trading at ₦140 ($0.4) per share. Interestingly, the total number of trades on MTN stocks went up from 1.8 million on Monday, to 3.49 million on Tuesday.

However, as at press time, MTNN is currently among the top 5 decliners on the stock market, with a 1.39% decline.

After a hard-fought battle, MTN ended trading for the month of August as the most valuable company on the NSE. With a market capitalisation of  ₦2.849 trillion ($7.86 billion), it is currently ₦123 billion ($340 million) ahead of Dangote Cement which is on 2.72 trillion ($7.45 billion).

The ongoing xenophobia attack in South Africa has sparked strong protests against South African large companies, MTN, Shoprite and Multichoice (DStv), operating in Nigeria. There have also been reports of the closure of MTN outlets, DStv offices and Shoprite shopping centers throughout the country due to hostilities.

ALSO READ: Nigerians Launch Against South Africa-Owned Businesses

The atmosphere in both countries is far from settled and given MTN’s key role in the country, it will be interesting to see how this affects the telecom industry and the stock market going forward.

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