MTN shares rally after Jumia soars in New York
The mobile operator’s shares are at their best level since the company ran into regulatory troubles in Nigeria in August 2018
15 April 2019 - 10:11
Africa's biggest mobile network operator MTN is likely to proceed with its plan to significantly reduce its stake in Jumia Technologies even as the Nigerian-based e-commerce company soared after listing on the New York Stock Exchange on Friday. On Friday, shares in Africa-focused Jumia leapt 75% in New York, giving it a market value of $1.9bn (R26.6bn). In response, MTN’s shares on the JSE rose 1% to R98.51 early on Monday — the best level since the mobile operator ran into regulatory troubles in Nigeria in August 2018.
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