MTN group has suspended trading of its shares on the Johannesburg stock exchange amidst a 5% slump that was prompted by a 5.2 Billion dollar fine it faces in Nigeria its biggest market.
Shares in South Africa’s MTN Group fell more than 5 percent in early trade on Monday in what one trader said was due to speculation the mobile phone firm had agreed to pay a $5.2 billion fine imposed by Nigerian authorities for failure to cut off unregistered users.
“There has been some speculation that the company has agreed to pay the fine, but we really want to hear it from the company itself” said Afrifocus securities trader Ferdi Heyneke.
MTN shares fell to a three-year low of 142.50 rand, but pared losses and was down 5.27 percent at 145.50 rand by 0840 GMT.
