MTN's stock soars in Nigeria
Publish date: 20 January 2020
Issue Number: 856
Diary: IBA Legalbrief Africa
Category: Telecoms
MTN Nigeria Communications surged by 10% last week, the most allowed by the exchange and matching the biggest gain since its May market debut. This after the Attorney-General dropped a $2bn tax claim against the mobile phone company. A report on the Fin24 site notes that analyst Tunde Abidoye said the removal of the payment demand was a boost to investor confidence, ending fears of a cash outflow. The stock has climbed 29% since it started trading almost eight months ago and is the biggest contributor by index points to the 4.2% gain in the Nigerian benchmark index since then.
