Phantom Shares: MTN and Nampak suffer from Nigeria sentiment turning sour and Pick n Pay rallies
As sentiment about Nigeria soured based on commentary about tightening USD liquidity, Nampak plummeted by nearly 30% in less than two weeks. With the market spooked, any more negative news about the country was sure to be met with a strong reaction, and probably an overreaction.
A SENS announcement on Wednesday revealed that only outgoing voice revenue for unregistered SIMs would be affected. This contributes 9% of MTN Nigeria revenue and 3% of MTN Group revenue on an annualised basis. In other words, if an entire year went by with none of the SIMs registered and reactivated, 3% of revenue would fall away. The market responded with a 4% rally over two days, recovering about half of the value lost.is trying to repair its balance sheet.
An astonishing announcement on Thursday gave the Balwin bears an even louder voice, as the company is going to invest a whopping 7.5% of its market cap in acquiring a swanky head office building near Melrose Arch.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pick n Pay asap! vs Checkers Sixty60 — grocery delivery showdownMyBroadband tested grocery delivery from Pick n Pay and Checkers — and the winner was clear.
Read more »
THE FINANCE GHOST: Granola for the banksWorking capital cycles seem to be lengthening; it's bad news for companies, but good news for lenders, writes FinanceGhost.
Read more »
THE FINANCE GHOST: Granola for the banksWorking capital cycles seem to be lengthening; it's bad news for companies, but good news for lenders, writes FinanceGhost.
Read more »
Telkom’s 2TB for R699 deal destroys Vodacom and MTNTelkom’s 2TB LTE package offers excellent value for money compared to other big cap services on the market.
Read more »
Economic recovery gets extra kick as state of disaster endsMalls, hotels and convention centres expect a strong April as consumer confidence picks up.
Read more »
Operation Dudula gets the green light to march in DurbanSupporters of Operation Dudula were turned away last week in Durban after the city turned the organisation's request to march.
Read more »