MTN Nigeria shares hit 3-month high

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MTN Uganda

Shares of MTN Nigeria hit a three-month high on Friday after the telecoms firm’s offices partially reopened following a shutdown due to anti-South African attacks in the West African country.

The local unit of South Africa’s MTN Group closed all stores and service centres in Nigeria after its facilities in three cities were attacked following days of riots in South Africa chiefly targeting foreign-owned, including Nigerian, businesses.

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But on Friday, the Xenophobic attacks and reprisal attacks could not stop its shares from selling handsomely as its shares hit a three-month high on the stock market.

Chief Executive Officer of MTN Nigeria, Ferdi Moolman, has condemned xenophobic attacks against African migrants including Nigerians in South Africa.