MTN Nigeria Shares Continues To Dip Amidst Xenophobic Reprisal

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Xenophobic reprisal nigeria

MTN Nigeria shares on Nigeria Stock Exchange (NSE) has been fluctuating in the last 34 hours

-The stock fluctuation follows xenophobic reprisals in Nigeria which have further subsided

-MTN Nigeria shuts down stores and service centers across Nigeria

The ongoing xenophobic attack against Nigerians in South Africa has not only left Nigeria citizens protesting, but have also aroused reprisal in the form of attacks on South African companies in Nigeria, one of which majorly affects MTN.

The South African network carrier has reportedly lost several buildings and retail outlets to the ongoing xenophobia reprisals in Nigeria. As a result of that, the company’s stock on Nigeria Stock Exchange (NSE) reportedly fluctuated during the course of yesterday, after recording a significant increase a day before.

READ: MTN to settle CBN saga with $52.6 million

MTN’s share price, on Tuesday, 3r of September gained 1.08% to finish trading at ₦140 ($0.4) per share compared to an opening at ₦138.5 ($0.38). However, as a result of the damages done on MTN properties across the Nation yesterday, the company shares ranked among the top 5 decliners on the stock market, with a 1.39% decline.

 

Source: NSE

As seen in the image above, MTN Nigeria was third on the list of decliner, and it is not even getting better today, 5th of September, as the company’s shares continue to drop, and as at the time of writing this article, it has again dropped by  -0.4 percent, although, it looks like it is far better than what was recorded yesterday. Hopefully, it will get even better before the close of today’s market cap.

In other news, MTN Nigeria has reportedly shut down its stores and service centers across Nigeria as reactions from xenophobic attacks in South Africa continue to grow. The information was revealed in a press release posted on Wednesday, by the management of the company’s subsidiary in Nigeria.

In the press release, MTN Nigeria confirmed that its facilities were subjected to attacks by various Nigerians in respective locations, hence, announced that all its stores and service centers will be shut down till further notice “as a precaution.”

“MTN condemns any acts of violence, prejudice, and xenophobia,” the company wrote in the press release. “We are engaging all relevant authorities in this regard and urge them to act swiftly to reduce tensions both in South Africa and Nigeria.” it further added.

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