MTN group has resumed trading on the Johannesburg Stock Exchange (JSE), after an initial suspension on Monday.
The telecommunications company’s shares were halted few minutes before 11am on Monday, following controversies regarding its N1.04tr fine by the Nigerian Communications Commission (NCC). But MTN resumed trading at 1:40 pm, with warning to shareholders and investors to be cautious in dealing with the futures of the telecom giant.
“After the company’s announcement released on SENS at 13h33, trading in the company’s shares will resume with a ten minute re-opening auction at 13h40,” the JSE said.
MTN shares have been taking an unprecedented fall since the fine was handed down on October 26, falling by over 12 percent in a single day. The decline continued on Tuesday, October 27 as MTN shares lost more value, falling by another four percent, and again by 2.6 percent to 155.85 rand at the close of business on Wednesday – the lowest since October 2012.
According to Bloomberg, MTN has lost $5.24b (N1.4tr) in market capitalisation from October 23 to 29, as the fine continued to take toll on its value on Monday November 2.
The stocks continued a downward slide, trading at 7.7 percent less than its opening value as at 2:36 pm Nigerian time.