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LequteMan
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Nigeria - MTN's share price took off this week, rising more than 8% after a largely peaceful election in Nigeria - the group's biggest single market, TimesLive reports.
Shares in Africa's biggest cellular network operator ended at R219.78 on Thursday, nearly R17 higher than the close on Friday last week.
MTN had 59.9million subscribers in Nigeria at the end of 2014 and 223million across all 22 markets. Sales in the country jumped by 12% last year, against a 6.4% increase in total revenue
Nigerians elected former military ruler Muhammadu Buhari, who defeated President Goodluck Jonathan, the first victory over an incumbent since independence from the UK in 1960.
"Nigeria has gone through a democratic process which re- enforces the country's outlook," said Bruce Main, a money manager at Ivy Asset Management. "There is confidence that there are not going to be any major legislative changes. That's good news for a company like MTN, which gets a huge portion of earnings from Nigeria."
#Nigeria #MTN
Shares in Africa's biggest cellular network operator ended at R219.78 on Thursday, nearly R17 higher than the close on Friday last week.
MTN had 59.9million subscribers in Nigeria at the end of 2014 and 223million across all 22 markets. Sales in the country jumped by 12% last year, against a 6.4% increase in total revenue
Nigerians elected former military ruler Muhammadu Buhari, who defeated President Goodluck Jonathan, the first victory over an incumbent since independence from the UK in 1960.
"Nigeria has gone through a democratic process which re- enforces the country's outlook," said Bruce Main, a money manager at Ivy Asset Management. "There is confidence that there are not going to be any major legislative changes. That's good news for a company like MTN, which gets a huge portion of earnings from Nigeria."
#Nigeria #MTN
