Shares in MTN slumped before the market closed last Tuesday

Mergers, Acquisitions and Financial Results

Shares in African mobile phone giant MTN slumped before the market closed on Tuesday as news of Nigeria's currency free-fall against the dollar stoked concerns about MTN earnings, a fund manager said.

Shares in the company closed down 11.63%, or R12.10, to R91.90, under-performing the JSE Top 40 index, which ended down just 2.90%. "It's basically on the devaluation of the Nigerian naira which will hamper MTN earnings out of Nigeria," said Michele Santangelo, a fund manager at Cortex Securities.

Media reports suggest that the naira is in free-fall against the dollar after that country's central bank limited the amount of US dollars sold at its fortnightly auction on Monday.