March 11 (Lagos) - Shares of MTN Nigeria Plc (
MTNN ) bounced back strongly after a recent sell off after posting a loss of N 137 billion for full year 2023.
Shares of
MTNN dropped well below the 180 mark but now they are above the N 200 mark as at the time of writing this article. MTN is the largest mobile phone operator in Nigeria and enjoys a good reputation in the market.
The Company is based in South Africa so it does face that risk of a possible backlash from Nigerian consumers whenever Nigerians living in SA face xenophobic attacks so it is delicate situation for investors and shareholders of the Company.
The current bounce back in the shares could be based on expectations of tariff hike in the Country as a result of the devaluations of inflation. Shares of
MTNN are higher by almost 10% at the time of writing this article. They are leading stocks higher today along with
GTCO &
TRANSPOWER stocks.
reporting for easykobo.com on Monday, March 11 2024 from Lagos, Nigeria